Cboe Global Markets (CBOE) 10-Q 3 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-34774
Entity Registrant Name	Cboe Global Markets, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5446972
Entity Address, Address Line One	433 West Van Buren Street
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60607
City Area Code	312
Local Phone Number	786-5600
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CBOE
Security Exchange Name	CboeBZX
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		105,154,144
Entity Central Index Key	0001374310
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 536.3	$ 543.2
Financial investments	58.8	57.5
Accounts receivable, net of $5.6 allowance for credit losses at March 31, 2024 and $4.5 at December 31, 2023	370.2	337.3
Margin deposits, clearing funds, and interoperability funds	1,544.6	848.8
Digital assets - safeguarded assets	93.3	51.3
Income taxes receivable	6.8	74.5
Other current assets	65.1	66.7
Total current assets	2,675.1	1,979.3
Investments	361.8	345.3
Property and equipment, net	106	109.2
Property held for sale	8.7	8.7
Operating lease right of use assets	130.6	136.6
Goodwill	3,133.8	3,140.6
Intangible assets, net	1,526.7	1,561.5
Other assets, net	209.4	206.3
Total assets	8,152.1	7,487.5
Current liabilities:
Accounts payable and accrued liabilities	304.7	412.7
Section 31 fees payable	42.7	51.9
Deferred revenue	12.9	5.9
Margin deposits, clearing funds, and interoperability funds	1,544.6	848.8
Digital assets - safeguarded liabilities	93.3	51.3
Income taxes payable		1
Current portion of contingent consideration liabilities	8.8	11.8
Total current liabilities	2,007	1,383.4
Long-term debt	1,439.6	1,439.2
Non-current unrecognized tax benefits	257.4	243.8
Deferred income taxes	214.2	217.8
Non-current operating lease liabilities	144.3	150.8
Other non-current liabilities	65.5	67.5
Total liabilities	4,128	3,502.5
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at March 31, 2024 and December 31, 2023
Common stock, $0.01 par value: 325,000,000 shares authorized, 105,931,791 and 105,341,315 shares issued and outstanding, respectively at March 31, 2024 and 105,556,817 and 105,527,815 shares issued and outstanding, respectively at December 31, 2023	1.1	1.1
Common stock in treasury, at cost, 590,476 shares at March 31, 2024 and 29,002 shares at December 31, 2023	(125.3)	(10.5)
Additional paid-in capital	1,495.3	1,478.6
Retained earnings	2,676.2	2,525.2
Accumulated other comprehensive loss, net	(23.2)	(9.4)
Total stockholders' equity	4,024.1	3,985
Total liabilities and stockholders' equity	$ 8,152.1	$ 7,487.5

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets
Accounts Receivable, Allowance for credit losses	$ 5.6	$ 4.5
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	325,000,000	325,000,000
Common stock, shares issued (in shares)	105,931,791	105,556,817
Common stock, shares outstanding (in shares)	105,341,315	105,527,815
Common stock held in treasury (in shares)	590,476	29,002

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total revenues	$ 957.2	$ 988.2
Cost of revenues:
Total cost of revenues	455.1	516.8
Revenues less cost of revenues	502.1	471.4
Operating expenses:
Compensation and benefits	115.3	110.4
Depreciation and amortization	37.3	41.4
Technology support services	24.2	22.2
Professional fees and outside services	21.5	23.9
Travel and promotional expenses	7.5	6.2
Facilities costs	6.5	7.6
Acquisition-related costs	0.6	6.4
Other expenses	6.8	5.4
Total operating expenses	219.7	223.5
Operating income	282.4	247.9
Non-operating income (expenses):
Interest expense	(13)	(17.1)
Interest income	4.1	2
Earnings in investments	14	15.3
Other income, net	4.6	0.1
Income before income tax provision	292.1	248.2
Income tax provision	82.6	74.8
Net income	209.5	173.4
Net income allocated to participating securities	(1.2)	(0.8)
Net income allocated to common stockholders	$ 208.3	$ 172.6
Basic earnings per share (in dollars per share)	$ 1.97	$ 1.63
Diluted earnings per share (in dollars per share)	$ 1.96	$ 1.63
Basic weighted average shares outstanding (in shares)	105.6	105.9
Diluted weighted average shares outstanding (in shares)	106.1	106.2
Cash and spot markets
Revenues:
Total revenues	$ 380.9	$ 407
Data and access solutions
Revenues:
Total revenues	140.2	129.4
Derivatives markets
Revenues:
Total revenues	436.1	451.8
Liquidity payments
Cost of revenues:
Total cost of revenues	338.8	371.8
Routing and clearing
Cost of revenues:
Total cost of revenues	16	24
Section 31 fees
Cost of revenues:
Total cost of revenues	42.1	74.9
Royalty fees and other cost of revenues
Cost of revenues:
Total cost of revenues	$ 58.2	$ 46.1

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 209.5	$ 173.4
Other comprehensive income, net of income tax:
Foreign currency translation adjustments	(13.5)	19.8
Unrealized holding losses on financial investments	(0.5)	(0.9)
Post-retirement benefit obligations	0.2	(0.1)
Comprehensive income	195.7	192.2
Comprehensive income allocated to participating securities	(1.2)	(0.8)
Comprehensive income allocated to common stockholders, net of income tax	$ 194.5	$ 191.4

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Common Stock	Treasury Stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss), net.	Total
Beginning balance at Dec. 31, 2022	$ 1.1	$ (131)	$ 1,455.1	$ 2,171.1	$ (31)	$ 3,465.3
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock				(53.3)		(53.3)
Stock-based compensation			16.9			16.9
Repurchases of common stock from employee stock plans		(12.7)				(12.7)
Purchase of common stock		(70)				(70)
Shares issued under employee stock purchase plan			0.3			0.3
Net income				173.4		173.4
Other comprehensive (loss) income					18.8	18.8
Ending balance at Mar. 31, 2023	1.1	(213.7)	1,472.3	2,291.2	(12.2)	3,538.7
Beginning balance at Dec. 31, 2023	1.1	(10.5)	1,478.6	2,525.2	(9.4)	3,985
Increase (Decrease) in Stockholders' Equity
Cash dividends on common stock				(58.5)		(58.5)
Stock-based compensation			11.7			11.7
Repurchases of common stock from employee stock plans		(25.5)				(25.5)
Purchase of common stock		(89.3)				(89.3)
Shares issued under employee stock purchase plan			5			5
Net income				209.5		209.5
Other comprehensive (loss) income					(13.8)	(13.8)
Ending balance at Mar. 31, 2024	$ 1.1	$ (125.3)	$ 1,495.3	$ 2,676.2	$ (23.2)	$ 4,024.1

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Consolidated Statements of Changes in Stockholders' Equity
Dividends (in dollars per share)	$ 0.55	$ 0.50

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 209.5	$ 173.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37.3	41.4
Amortization of debt issuance cost and debt discount	0.6	0.7
Unrealized gain on available-for-sale financial investments	(0.4)	(0.9)
Provision for accounts receivable credit losses	1.5	0.6
Benefit for deferred income taxes	(1.7)	(10.6)
Stock-based compensation expense	11.7	16.9
Impairment of property and equipment	0.3
Gain from Cboe Digital syndication	(0.4)
Equity earnings in investments	(12.8)	(14.4)
Changes in assets and liabilities:
Accounts receivable	(40.7)	(20.2)
Restricted cash and cash equivalents and customer bank deposits (included in margin deposits, clearing funds, and interoperability funds)	730	898.2
Income taxes receivable	67.7	43.8
Other current assets	1.2	(2.2)
Other assets	(5.5)	(8.4)
Accounts payable and accrued liabilities	(113.5)	(56)
Section 31 fees payable	(9.2)	(71.7)
Deferred revenue	7	9.9
Income taxes payable	(1.1)	15.7
Unrecognized tax benefits	13.6	14.3
Other liabilities	0.5	0.3
Net cash provided by operating activities	895.6	1,030.8
Cash flows from investing activities:
Contributions to investments	(3.7)	(2.1)
Purchases of available-for-sale financial investments	(23)	(48.8)
Proceeds from maturities of available-for-sale financial investments	20.6	64.4
Proceeds from sale of intangible assets		0.8
Proceeds from insurance	0.1
Purchases of property and equipment and leasehold improvements	(7.3)	(12.4)
Net cash (used in) provided by investing activities	(13.3)	1.9
Cash flows from financing activities:
Cash dividends on common stock	(58.5)	(53.3)
Repurchases of common stock from employee stock plans	(25.5)	(12.7)
Payments of contingent consideration related to acquisitions	(3)	(4.9)
Shares issued under employee stock purchase plan	(5)	(0.3)
Purchase of common stock	(76.6)	(70)
Net cash used in financing activities	(168.6)	(141.2)
Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents	(25)	21.1
Increase in cash, cash equivalents, and restricted cash and cash equivalents	688.7	912.6
Cash, cash equivalents, and restricted cash and cash equivalents: Beginning of period	1,397.1	979.9
Cash, cash equivalents, and restricted cash and cash equivalents: End of period	2,085.8	1,892.5
Supplemental disclosure of cash transactions:
Cash paid for income taxes, net of refunds	76.6	9.3
Cash paid for interest	17.4	$ 21.4
Supplemental disclosure of noncash financing activities:
Unsettled purchases of common stock	$ (12.7)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents:
Cash and cash equivalents	$ 536.3	$ 435.6
Restricted cash and cash equivalents (included in margin deposits, clearing funds, and interoperability funds)	1,524.9	1,428.4
Restricted cash and cash equivalents (included in other current assets)	4.9	4.1
Customer bank deposits (included in margin deposits, clearing funds, and interoperability funds)	19.7	24.4
Total	$ 2,085.8	$ 1,892.5

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2024
ORGANIZATION AND BASIS OF PRESENTATION
ORGANIZATION AND BASIS OF PRESENTATION	1. ORGANIZATION AND BASIS OF PRESENTATION Cboe Global Markets, Inc., the world’s leading derivatives and securities exchange network, delivers cutting-edge trading, clearing and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, FX, and digital assets, across North America, Europe, and Asia Pacific. Above all, the Company is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. Cboe’s subsidiaries include the largest options exchange and the third largest stock exchange operator in the U.S. In addition, the Company operates Cboe Europe, one of the largest stock exchanges by value traded in Europe, and owns Cboe Clear Europe, a leading pan-European equities and derivatives clearinghouse, BIDS Holdings, which owns a leading block-trading ATS by volume in the U.S., and provides block-trading services with Cboe market operators in Europe, Canada, Australia, and Japan, Cboe Australia, an operator of trading venues in Australia, Cboe Japan, an operator of trading venues in Japan, Cboe Digital, an operator of a U.S. based digital asset spot market and a regulated futures exchange, Cboe Clear Digital, an operator of a regulated clearinghouse, and Cboe Canada Inc., a recognized Canadian securities exchange. Cboe subsidiaries also serve collectively as a leading market globally for exchange-traded products (“ETPs”) listings and trading. The Company is headquartered in Chicago with offices in Amsterdam, Belfast, Hong Kong, Kansas City, London, Manila, New York, San Francisco, Sarasota Springs, Singapore, Sydney, Tokyo, and Toronto. Basis of Presentation These interim unaudited condensed consolidated financial statements have been prepared in accordance with GAAP as established by FASB for interim financial information and with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The results of operations for interim periods are not necessarily indicative of the results of operations for the full year. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses. On an ongoing basis, management evaluates its estimates based upon historical experience, observance of trends, information available from outside sources and various other assumptions that management believes to be reasonable under the circumstances. Actual results may differ from these estimates under different conditions or assumptions. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented have been included. Segment Information The Company operates six reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital, which is reflective of how the Company's chief operating decision-maker reviews and operates the business. See Note 14 (“Segment Reporting”) for more information. Update to Significant Accounting Policies There have been no new or material changes to the significant accounting policies discussed for the Company for the periods presented, that are of significance, or potential significance, to the Company. Recent Accounting Pronouncements – Adopted There were no applicable material accounting pronouncements that have been adopted during the three month period ended March 31, 2024. ​ Recent Accounting Pronouncements - Issued, not yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. For public entities, the update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company expects to adopt the update for the consolidated financial statements issued for the year ending December 31, 2024 and does not anticipate a material impact to the consolidated financial statements. ​ In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. This ASU addresses the accounting and disclosure requirements for certain crypto assets and requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in earnings in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. For public entities, the update is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2024. The Company expects to adopt the update for the condensed consolidated financial statements issued in the first quarter of 2025 and does not anticipate a material impact to the condensed consolidated financial statements. ​ In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. For public entities, the update is effective for fiscal years beginning after December 15, 2024. The Company expects to adopt the update for the consolidated financial statements issued for the year ending December 31, 2025 and does not anticipate a material impact to the consolidated financial statements. ​ On March 6, 2024, the SEC adopted new climate disclosure rules, which requires companies to publish information that describes the climate-related risks that are reasonably likely to have a material impact on a company’s business or consolidated financial statements. The final rules would require companies to disclose material climate-related risks, activities to mitigate or adapt to such risks, information about the companies’ board of directors’ oversight of climate-related risks and management’s role in managing climate-related risks, and information on any climate-related targets or goals that are material to the companies’ business, results of operations or financial condition. On March 15, 2024, the U.S. Court of Appeals for the Fifth Circuit granted an administrative stay of the SEC’s final Climate Disclosure Rules, in response to legal challenges unaffiliated with the Company. The Company expects to review any updates regarding the Court stay and update the financial statements and disclosures accordingly based on the outcome of the ongoing legal proceedings related to these rules. There were no other recent applicable material accounting pronouncements that have been issued, but not yet adopted as of March 31, 2024.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2024
REVENUE RECOGNITION
REVENUE RECOGNITION	2. REVENUE RECOGNITION The Company presents three financial statement revenue captions within its condensed consolidated statements of income that reflect the Company’s diversified products, expansive geographical reach, and overall business strategy. Below is a summary of the Company’s financial statement revenue captions: Revenues ● Cash and spot markets – includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other revenue from Cboe’s North American Equities, Europe and Asia Pacific, Global FX, and Digital segments. ● Data and access solutions – includes access and capacity fees, proprietary market data fees, and associated other revenue across Cboe’s six segments. ● Derivatives markets – includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other revenue from Cboe’s Options, Futures, Europe and Asia Pacific, and Digital segments. ​ The Company’s main types of revenue contracts consist of the following, which are disaggregated from the condensed consolidated statements of income. ● Transaction and clearing fees – Transaction fees represent fees charged by the Company for meeting the point-in-time performance obligation of executing a trade on its markets. These fees can be variable based on trade volume tiered discounts; however, as all tiered discounts are calculated monthly, the actual discount is recorded on a monthly basis. Transaction fees are recognized across all segments. Clearing fees, which include settlement fees, represent fees charged by the Company for meeting the point-in-time performance obligation for transactions cleared and settled by Cboe Clear Europe and Cboe Clear Digital, the derivatives clearing organization for Cboe Digital. Clearing fees can be variable based on trade volume tiered discounts; however, as all tiered discounts are calculated monthly, the actual discount is recorded on a monthly basis. Clearing fees are recognized in the Europe and Asia Pacific and Digital segments. Transaction and clearing fees, as well as any tiered volume discounts, are calculated and billed monthly in accordance with the Company’s published fee schedules. ● Access and capacity fees – Access and capacity fees represent fees assessed for the opportunity to trade, including fees for trading-related functionality across all segments, terminal and other equipment rights, maintenance services, trading floor space and telecommunications services. Facilities, systems services and other fees are generally monthly fee-based. These fees are billed monthly in accordance with the Company’s published fee schedules and recognized on a monthly basis when the performance obligations are met. All access and capacity fees associated with the trading floor are recognized over time in the Options segment, as the performance obligations are met. ● Market data fees – Market data fees represent the fees received by the Company from the U.S. tape plans and fees charged to customers for proprietary market data. Fees from the U.S. tape plans are collected monthly based on published fee schedules and distributed quarterly to the Exchanges based on a known formula. A contract for proprietary market data is entered into and charged on a monthly basis in accordance with the Company’s published fee schedules as the service is provided. Proprietary market data also includes revenue from various licensing agreements. Both types of market data are satisfied over time, and revenue is recognized on a monthly basis as the customer receives and consumes the benefit as the Company provides the data to meet its performance obligation. U.S. tape plan market data is recognized in the North American Equities and Options segments. Proprietary market data fees are recognized across all segments. ● Regulatory fees – There are two types of regulatory fees that the Company recognizes. The first type represents fees collected by the Company to cover the Section 31 fees charged to the Exchanges by the SEC for meeting the point-in-time performance obligation of executing a trade on its markets. The fees charged to customers are based on the fee set by the SEC per notional value of U.S. Equities exchange transactions and per round turn of Options transactions executed on the Company’s U.S. securities markets. These fees are calculated and billed monthly and are recognized in the North American Equities and Options segments. As the Exchanges are responsible for the ultimate payment to the SEC, the Exchanges are considered the principal in these transactions. Regulatory fees also include the options regulatory fee (“ORF”) which supports the Company’s regulatory oversight function in the Options segment, along with other miscellaneous regulatory fees, and neither can be used for non-regulatory purposes. The ORF and miscellaneous fees are recognized when the performance obligation is fulfilled. ● Other revenue – Other revenue primarily includes interest income on investments (including from investments of interoperability fund deposits) from clearing operations, all fees related to the trade reporting facility operated in the Europe and Asia Pacific segment, listing fees, and revenue associated with advertisements through the Company’s websites. ​ All revenue recognized in the condensed consolidated statements of income is considered to be revenue from contracts with customers, with the exception of interest income from clearing operations. The following table depicts the disaggregated revenue contract types listed above within each respective financial statement caption in the condensed consolidated statements of income (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ Data and ​ ​ ​ ​ ​ ​ and Spot ​ Access ​ Derivatives ​ ​ ​ Markets Solutions Markets Total Three Months Ended March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 305.2 ​ $ — ​ $ 413.3 ​ $ 718.5 Access and capacity fees ​ ​ — ​ ​ 90.1 ​ ​ — ​ ​ 90.1 Market data fees ​ ​ 16.0 ​ ​ 49.3 ​ ​ 6.7 ​ ​ 72.0 Regulatory fees ​ ​ 34.9 ​ ​ — ​ ​ 15.3 ​ ​ 50.2 Other revenue ​ ​ 24.8 ​ ​ 0.8 ​ ​ 0.8 ​ ​ 26.4 ​ ​ $ 380.9 ​ $ 140.2 ​ $ 436.1 ​ $ 957.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ Data and ​ ​ ​ ​ ​ ​ and Spot ​ Access ​ Derivatives ​ ​ ​ ​ Markets Solutions Markets Total Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 311.9 ​ $ — ​ $ 420.6 ​ $ 732.5 Access and capacity fees ​ ​ — ​ ​ 84.2 ​ ​ — ​ ​ 84.2 Market data fees ​ ​ 17.9 ​ ​ 44.5 ​ ​ 8.5 ​ ​ 70.9 Regulatory fees ​ ​ 62.6 ​ ​ — ​ ​ 21.9 ​ ​ 84.5 Other revenue ​ ​ 14.6 ​ ​ 0.7 ​ ​ 0.8 ​ ​ 16.1 ​ ​ $ 407.0 ​ $ 129.4 ​ $ 451.8 ​ $ 988.2 ​ The following table depicts the disaggregation of revenue according to segment (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North ​ Europe ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ Global ​ ​ ​ ​ ​ ​ Options Equities Pacific Futures FX Digital Total Three Months Ended March 31, 2024 Transaction and clearing fees ​ $ 389.8 ​ $ 251.7 ​ $ 38.8 ​ $ 23.5 ​ $ 15.5 ​ $ (0.8) ​ $ 718.5 Access and capacity fees ​ ​ 41.7 ​ ​ 29.7 ​ ​ 10.1 ​ ​ 5.7 ​ ​ 2.8 ​ ​ 0.1 ​ ​ 90.1 Market data fees ​ ​ 29.1 ​ ​ 30.7 ​ ​ 9.7 ​ ​ 2.2 ​ ​ 0.3 ​ ​ — ​ ​ 72.0 Regulatory fees ​ ​ 15.3 ​ ​ 34.9 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 50.2 Other revenue ​ ​ 1.5 ​ ​ 2.6 ​ ​ 22.1 ​ ​ — ​ ​ 0.2 ​ ​ — ​ ​ 26.4 ​ ​ $ 477.4 ​ $ 349.6 ​ $ 80.7 ​ $ 31.4 ​ $ 18.8 ​ $ (0.7) ​ $ 957.2 Timing of revenue recognition Services transferred at a point in time ​ $ 406.6 ​ $ 289.2 ​ $ 60.9 ​ $ 23.5 ​ $ 15.7 ​ $ (0.8) ​ $ 795.1 Services transferred over time ​ ​ 70.8 ​ ​ 60.4 ​ ​ 19.8 ​ ​ 7.9 ​ ​ 3.1 ​ ​ 0.1 ​ ​ 162.1 ​ ​ $ 477.4 ​ $ 349.6 ​ $ 80.7 ​ $ 31.4 ​ $ 18.8 ​ $ (0.7) ​ $ 957.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 Transaction and clearing fees ​ $ 395.8 ​ $ 255.0 ​ $ 42.1 ​ $ 24.8 ​ $ 15.8 ​ $ (1.0) ​ $ 732.5 Access and capacity fees ​ ​ 38.9 ​ ​ 28.4 ​ ​ 8.9 ​ ​ 5.3 ​ ​ 2.6 ​ ​ 0.1 ​ ​ 84.2 Market data fees ​ ​ 28.0 ​ ​ 31.9 ​ ​ 8.7 ​ ​ 2.0 ​ ​ 0.3 ​ ​ — ​ ​ 70.9 Regulatory fees ​ ​ 21.9 ​ ​ 62.6 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 84.5 Other revenue ​ ​ 1.5 ​ ​ 1.9 ​ ​ 12.6 ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ 16.1 ​ ​ $ 486.1 ​ $ 379.8 ​ $ 72.3 ​ $ 32.1 ​ $ 18.8 ​ $ (0.9) ​ $ 988.2 Timing of revenue recognition Services transferred at a point in time ​ $ 419.2 ​ $ 319.5 ​ $ 54.7 ​ $ 24.8 ​ $ 15.9 ​ $ (1.0) ​ $ 833.1 Services transferred over time ​ ​ 66.9 ​ ​ 60.3 ​ ​ 17.6 ​ ​ 7.3 ​ ​ 2.9 ​ ​ 0.1 ​ ​ 155.1 ​ ​ $ 486.1 ​ $ 379.8 ​ $ 72.3 ​ $ 32.1 ​ $ 18.8 ​ $ (0.9) ​ $ 988.2 ​ ​ Contract liabilities as of March 31, 2024 primarily represent prepayments of transaction fees and certain access and capacity and market data fees to the Exchanges. The revenue recognized from contract liabilities and the remaining balance is shown below (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2023 Cash Additions Revenue Recognized Balance at March 31, 2024 Liquidity provider sliding scale (1) ​ $ — ​ $ 7.2 ​ $ (1.8) ​ $ 5.4 Other, net ​ ​ 6.1 ​ ​ 7.3 ​ ​ (5.7) ​ ​ 7.7 Total deferred revenue ​ $ 6.1 ​ $ 14.5 ​ $ (7.5) ​ $ 13.1 (1) Liquidity providers are eligible to participate in the sliding scale program, which involves prepayment of transaction fees, and to receive reduced fees based on the achievement of certain volume thresholds within a calendar month. These transaction fees are amortized and recorded ratably as the transactions occur over the period .

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2024
ACQUISITIONS
ACQUISITIONS	3. ACQUISITIONS Acquisition-related costs relate to acquisitions and other strategic opportunities. The Company expensed $0.6 million and $6.4 million of acquisition-related costs during the three months ended March 31, 2024 and 2023, respectively, all of which related to professional fees and other expenses. These acquisition-related expenses are included in acquisition-related costs in the condensed consolidated statements of income.

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2024
INVESTMENTS
INVESTMENTS	4. INVESTMENTS As of March 31, 2024 and December 31, 2023, the Company’s investments were comprised of the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Equity method investments: ​ ​ ​ ​ ​ ​ Investment in 7Ridge Investments 3 LP ​ $ 307.5 ​ $ 292.0 Total equity method investments ​ ​ 307.5 ​ ​ 292.0 ​ ​ ​ ​ ​ ​ ​ Other equity investments: ​ ​ ​ ​ ​ ​ Investment in Eris Innovations Holdings, LLC ​ ​ 20.0 ​ ​ 20.0 Investment in Globacap Technology Limited ​ ​ 16.0 ​ ​ 16.0 Investment in CSD Br ​ ​ 5.9 ​ ​ 5.9 Investment in Coin Metrics Inc. ​ ​ 5.0 ​ ​ 5.0 Investment in Cboe Vest Financial Group, Inc. ​ ​ 2.9 ​ ​ 2.9 Investment in OCC ​ ​ 0.3 ​ ​ 0.3 Other equity investments ​ 4.2 ​ 3.2 Total other equity investments ​ ​ 54.3 ​ ​ 53.3 ​ ​ ​ ​ ​ ​ ​ Total investments ​ $ 361.8 ​ $ 345.3 ​ Equity Method Investments The Company’s investment in the 7Ridge Investments 3 LP (“7Ridge Fund”), represents a nonconsolidated variable interest entity (“VIE”). The Company has determined that consolidation of the VIE is not required as the Company is not the primary beneficiary of the 7Ridge Fund, as it does not have controlling financial interest and lacks the ability to unilaterally remove the general partner, 7Ridge Investments 3 GP Limited, direct material strategic decisions, or dissolve the entity (i.e., the Company does not have unilateral substantive “kick-out” or “liquidation” rights). The Company’s interest in the 7Ridge Fund is equal to the carrying value of the investment as of March 31, 2024, or $307.5 million, which includes periodic capital contributions to the 7Ridge Fund, as well as the Company’s share of 7Ridge Fund’s profit or loss, including gains or losses arising from the fair value measurement of the investment held by the 7Ridge Fund, booked against the investment account. The carrying value of the investment is included in investments within the condensed consolidated balance sheets. The Company’s maximum loss exposure, in the unlikely event that all of the VIE’s assets become worthless, is limited to the carrying value of Company’s investment. Other Equity Investments The carrying value of other equity investments is included in investments in the condensed consolidated balance sheets. The Company accounts for these investments using the measurement alternative given the absence of readily determinable fair values for the respective investments and due to the Company’s inability to exercise significant influence over the investments based upon the respective ownership interests held.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	3 Months Ended
	Mar. 31, 2024
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	5. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following as of March 31, 2024 and December 31, 2023 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Construction in progress ​ $ 3.2 ​ $ 1.5 Furniture and equipment ​ 324.6 ​ 322.9 Total property and equipment ​ 327.8 ​ 324.4 Less accumulated depreciation ​ (221.8) ​ (215.2) Property and equipment, net ​ $ 106.0 ​ $ 109.2 ​ Depreciation expense using the straight-line method was $8.6 million and $8.5 million for the three months ended March 31, 2024 and 2023, respectively. Effective July 27, 2023, the Company entered into an agreement to sell its former headquarters building, subject to customary closing conditions. The Company classified the associated land, building, and certain furniture and equipment of the former headquarters location as held for sale, performed an impairment assessment, and ceased depreciation effective August 1, 2023. Negotiations are ongoing and the Company expects to complete the sale in mid-2024. In connection with the sale, the Company anticipates providing seller financing to the purchaser in the form of a promissory note for a portion of the purchase price of the former headquarters. As of March 31, 2024, the total value of the property held for sale on the condensed consolidated balance sheet was $8.7 million.

CREDIT LOSSES

CREDIT LOSSES	3 Months Ended
	Mar. 31, 2024
CREDIT LOSSES
CREDIT LOSSES	6. CREDIT LOSSES The following represents the changes in allowance for credit losses during the three months ended March 31, 2024 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for notes receivable credit losses ​ Allowance for accounts receivable credit losses ​ Total allowance for credit losses Balance at December 31, 2023 ​ $ 30.1 ​ $ 4.5 ​ $ 34.6 Current period provision for expected credit losses ​ ​ — ​ ​ 1.5 ​ ​ 1.5 Write-offs charged against the allowance ​ ​ — ​ ​ (0.4) ​ ​ (0.4) Recoveries collected ​ ​ — ​ ​ — ​ ​ — Balance at March 31, 2024 ​ $ 30.1 ​ $ 5.6 ​ $ 35.7 ​

OTHER ASSETS, NET

OTHER ASSETS, NET	3 Months Ended
	Mar. 31, 2024
OTHER ASSETS, NET
OTHER ASSETS, NET	​ ​ ​ 7. OTHER ASSETS, NET Other assets, net consisted of the following as of March 31, 2024 and December 31, 2023 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Software development work in progress ​ $ 4.8 ​ $ 3.5 Data processing software ​ ​ 127.5 ​ ​ 128.1 Less accumulated depreciation and amortization ​ (91.0) ​ (88.3) Data processing software, net ​ 41.3 ​ 43.3 Other assets (1) ​ ​ 168.1 ​ ​ 163.0 Other assets, net ​ $ 209.4 ​ $ 206.3 (1) At March 31, 2024 and December 31, 2023, the majority of the balance included notes receivable, net of allowance, a contra-revenue asset, and long-term prepaid assets. As of March 31, 2024 and December 31, 2023, the notes receivable, net balance was $142.6 million and $136.9 million, respectively. See Note 6 (“Credit Losses”) for more information on the notes receivable, net of allowance, included within other assets, net on the condensed consolidated balance sheets. See Note 17 (“Stock-Based Compensation”) for more information on the contra-revenue asset related to the issuance of Cboe Digital Restricted Common Units and Warrant Units included within other assets, net on the condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, the contra-revenue asset balance was $17.0 million and $18.1 million, respectively. Amortization expense related to data processing software was $2.5 million and $2.0 million for the three months ended March 31, 2024 and 2023, respectively.

GOODWILL, INTANGIBLE ASSETS, NE

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD	3 Months Ended
	Mar. 31, 2024
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD	8. GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD The following table presents the details of goodwill by segment (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North American ​ Europe and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Equities Asia Pacific Global FX Digital Total Balance as of December 31, 2023 ​ $ 305.8 ​ $ 2,004.4 ​ $ 563.2 ​ $ 267.2 ​ $ — ​ $ 3,140.6 Changes in foreign currency exchange rates ​ — ​ (3.6) ​ (3.2) ​ — ​ — ​ (6.8) Balance as of March 31, 2024 ​ $ 305.8 ​ $ 2,000.8 ​ $ 560.0 ​ $ 267.2 ​ $ — ​ $ 3,133.8 ​ Goodwill has been allocated to specific reporting units for purposes of impairment testing - Options, North American Equities, Europe and Asia Pacific, and Global FX. No goodwill has been allocated to the Futures and Digital segments. Goodwill impairment testing is performed annually in the fiscal fourth quarter or more frequently if conditions exist that indicate that the asset may be impaired. The following table presents the details of the intangible assets by segment (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North American ​ Europe and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Equities Asia Pacific Global FX Digital Total Balance as of December 31, 2023 ​ $ 134.1 ​ $ 935.3 ​ $ 352.5 ​ $ 56.2 ​ $ 83.4 ​ $ 1,561.5 Amortization ​ (2.5) ​ (13.7) ​ (4.6) ​ ​ (3.6) ​ ​ (1.8) ​ (26.2) Changes in foreign currency exchange rates ​ — ​ (1.7) ​ ​ (6.9) ​ — ​ — ​ (8.6) Balance as of March 31, 2024 ​ $ 131.6 ​ $ 919.9 ​ $ 341.0 ​ $ 52.6 ​ $ 81.6 ​ $ 1,526.7 ​ For the three months ended March 31, 2024 and 2023, amortization expense was $26.2 million and $30.9 million, respectively. The estimated future amortization expense is $67.2 million for the remainder of 2024, $76.9 million for 2025, $69.7 million for 2026, $62.9 million for 2027, and $57.3 million for 2028. ​ The following tables present the categories of intangible assets by segment as of March 31, 2024 and December 31, 2023 (in millions, except as stated): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ Weighted ​ ​ ​ ​ ​ North ​ Europe ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ ​ ​ ​ Amortization ​ Options Equities Pacific Global FX Digital Period (in years) Trading registrations and licenses ​ $ 95.5 ​ $ 605.4 ​ $ 206.4 ​ $ — ​ $ 25.0 ​ Indefinite Customer relationships ​ 46.6 ​ 412.8 ​ 211.3 ​ 140.0 ​ — ​ 15 Market data customer relationships ​ 53.6 ​ 322.0 ​ 60.9 ​ 64.4 ​ — ​ 8 Technology ​ 28.1 ​ 56.5 ​ 33.8 ​ 22.5 ​ 70.0 ​ 7 Trademarks and tradenames ​ 12.9 ​ 8.2 ​ 2.4 ​ 1.2 ​ — ​ 6 Digital assets held ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.1 ​ Indefinite Accumulated amortization ​ (105.1) ​ (485.0) ​ (173.8) ​ (175.5) ​ (13.5) ​ ​ ​ ​ $ 131.6 ​ $ 919.9 ​ $ 341.0 ​ $ 52.6 ​ $ 81.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Weighted ​ ​ ​ ​ ​ North ​ Europe ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ ​ ​ ​ Amortization ​ Options Equities Pacific Global FX Digital Period (in years) Trading registrations and licenses ​ $ 95.5 ​ $ 606.0 ​ $ 209.6 ​ $ — ​ $ 25.0 ​ Indefinite Customer relationships ​ 46.6 ​ ​ 413.9 ​ ​ 216.1 ​ ​ 140.0 ​ ​ — ​ 15 Market data customer relationships ​ 53.6 ​ ​ 322.0 ​ ​ 61.6 ​ ​ 64.4 ​ ​ — ​ 8 Technology ​ 28.1 ​ ​ 56.9 ​ ​ 34.2 ​ ​ 22.5 ​ ​ 70.0 ​ 7 Trademarks and tradenames ​ 12.9 ​ ​ 8.2 ​ ​ 2.4 ​ ​ 1.2 ​ ​ — ​ 6 Digital assets held ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.1 ​ Indefinite Accumulated amortization ​ (102.6) ​ ​ (471.7) ​ ​ (171.4) ​ ​ (171.9) ​ ​ (11.7) ​ ​ ​ ​ $ 134.1 ​ $ 935.3 ​ $ 352.5 ​ $ 56.2 ​ $ 83.4 ​ ​ ​ Cboe Digital holds customer digital assets in customer accounts, referred to as wallets, either through a licensed trust company, third-party custodian or in separate and distinct wallets managed by Cboe Digital. Cboe Digital, together with its third-party custodian, secures customers’ digital assets and protects them from loss or theft. Customer digital assets are held in omnibus wallets for the benefit of customers of Cboe Digital and Cboe Digital maintains the records of the amount and type of digital asset owned by each of its customers in omnibus wallets. The amount of customer digital assets held by Cboe Digital is reflected within digital assets – safeguarded assets and digital assets – safeguarded liabilities in the condensed consolidated balance sheets. In addition, Cboe Digital maintains an immaterial amount of its own digital assets to facilitate customer trading.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	3 Months Ended
	Mar. 31, 2024
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	9. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consisted of the following as of March 31, 2024 and December 31, 2023 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2024 2023 Compensation and benefit-related liabilities ​ $ 30.5 ​ $ 77.1 Royalties ​ ​ 43.3 ​ ​ 44.9 Accrued liabilities ​ 88.8 ​ ​ 70.3 Current operating lease liabilities ​ ​ 21.0 ​ ​ 20.8 Rebates payable ​ ​ 81.6 ​ ​ 75.1 Marketing fee payable ​ 18.9 ​ ​ 17.5 Current unrecognized tax benefits ​ ​ 9.3 ​ ​ 82.3 Accounts payable ​ 11.3 ​ ​ 24.7 Total accounts payable and accrued liabilities ​ $ 304.7 ​ $ 412.7 ​

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
DEBT
DEBT	10. DEBT The Company’s debt consisted of the following as of March 31, 2024 and December 31, 2023 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2024 2023 $650 million fixed rate Senior Notes due January 2027, stated rate of 3.650% ​ $ 648.1 ​ $ 647.9 $500 million fixed rate Senior Notes due December 2030, stated rate of 1.625% ​ ​ 495.0 ​ ​ 494.8 $300 million fixed rate Senior Notes due March 2032, stated rate of 3.000% ​ ​ 296.5 ​ ​ 296.5 Revolving Credit Agreement ​ ​ — ​ ​ — Cboe Clear Europe Credit Facility ​ ​ — ​ ​ — Total debt ​ $ 1,439.6 ​ $ 1,439.2 ​ Senior Notes On January 12, 2017, the Company entered into an indenture (the “Indenture”), by and between the Company and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, in connection with the issuance of $650 million aggregate principal amount of the Company’s 3.650% Senior Notes due 2027 (“3.650% Senior Notes”). The form and terms of the 3.650% Senior Notes were established pursuant to an Officer’s Certificate, dated as of January 12, 2017, supplementing the Indenture. The Company used a portion of the net proceeds from the 3.650% Senior Notes to fund, in part, the Merger, including the payment of related fees and expenses and the repayment of Bats’ existing indebtedness, and the remainder for general corporate purposes. The 3.650% Senior Notes mature on January 12, 2027 and bear interest at the rate of 3.650% per annum, payable semi-annually in arrears on January 12 and July 12 of each year, commencing July 12, 2017. On December 15, 2020, the Company issued $500 million aggregate principal amount of 1.625% Senior Notes due 2030 ("1.625% Senior Notes"). The form and terms of the 1.625% Senior Notes were established pursuant to an Officer’s Certificate, dated as of December 15, 2020, supplementing the Indenture. The Company used the net proceeds from the 1.625% Senior Notes to finance the acquisition of BIDS Trading, repay a portion of amounts outstanding under the term loan facility and all outstanding indebtedness under the revolving credit facility and the remainder for general corporate purposes, which may include the financing of future acquisitions or the repayment of other outstanding indebtedness. The 1.625% Senior Notes mature on December 15, 2030 and bear interest at the rate of 1.625% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, commencing June 15, 2021. On March 16, 2022, the Company issued $300 million aggregate principal amount of 3.000% Senior Notes due 2032 (“3.000% Senior Notes” and, together with the 1.625% Senior Notes and the 3.650% Senior Notes, the “Senior Notes”). The form and terms of the 3.000% Senior Notes were established pursuant to an Officer’s Certificate, dated as of March 16, 2022, supplementing the Indenture. The Company used the net proceeds from the 3.000% Senior Notes, together with cash on hand, and the proceeds of additional borrowings, to partially fund its acquisition of Cboe Digital. The 3.000% Senior Notes mature on March 16, 2032 and bear interest at the rate of 3.000% per annum, payable semi-annually in arrears on March 16 and September 16 of each year, commencing September 16, 2022. The Senior Notes are unsecured obligations of the Company and rank equally with all of the Company’s other existing and future unsecured, senior indebtedness, but are effectively junior to the Company’s secured indebtedness, to the extent of the value of the assets securing such indebtedness, and will be structurally subordinated to the secured and unsecured indebtedness of the Company’s subsidiaries. The Company has the option to redeem some or all of the Senior Notes, at any time in whole or from time to time in part, at the redemption prices set forth in the applicable Officer’s Certificate. The Company may also be required to offer to repurchase the Senior Notes upon the occurrence of a Change of Control Triggering Event (as such term is defined in the applicable Officer’s Certificate) at a repurchase price equal to 101 percent of the aggregate principal amount of Senior Notes to be repurchased. Indenture Under the Indenture, the Company may issue debt securities, which includes the Senior Notes, at any time and from time to time, in one or more series without limitation on the aggregate principal amount. The Indenture governing the Senior Notes contains customary restrictions, including a limitation that restricts the Company’s ability and the ability of certain of the Company’s subsidiaries to create or incur secured debt. Such Indenture also limits certain sale and leaseback transactions and contains customary events of default. At March 31, 2024, the Company was in compliance with these covenants. Revolving Credit Agreement On February 25, 2022, the Company entered into a Second Amended and Restated Credit Agreement (the “Revolving Credit Agreement”), which amended and restated the prior revolving credit agreement. The Revolving Credit Agreement provides for a senior unsecured $400 million three-year revolving credit facility (the “Revolving Credit Facility”) that includes a $25 million swing line sub-facility. The Company may also, subject to the agreement of the applicable lenders, increase the commitments under the Revolving Credit Facility by up to $200 million, for a total of $600 million. Subject to specified conditions, the Company may designate one or more of its subsidiaries as additional borrowers under the Revolving Credit Agreement provided that the Company guarantees all borrowings and other obligations of any such subsidiaries under the Revolving Credit Agreement. As of March 31, 2024, no subsidiaries were designated as additional borrowers. Funds borrowed under the Revolving Credit Agreement may be used to fund working capital and for other general corporate purposes, including the making of any acquisitions the Company may pursue in the ordinary course of its business. As of March 31, 2024, no borrowings were outstanding under the Revolving Credit Agreement. Accordingly, at March 31, 2024, $400 million of borrowing capacity was available for the purposes permitted by the Revolving Credit Agreement. Loans under the Revolving Credit Agreement will bear interest, at the Company’s option, at either (i) the Relevant Rate (defined herein) plus a margin (based on the Company’s public debt ratings) ranging from 0.75 percent per annum to 1.25 percent per annum or (ii) a daily fluctuating rate based on the administrative agent’s prime rate (subject to certain minimums based upon the federal funds effective rate or Term SOFR), which is subject to a 1 percent floor, plus a margin (based on the Company’s public debt ratings) ranging from zero percent per annum to 0.25 percent per annum. “Relevant Rate” means with respect to any committed borrowing or swingline borrowing denominated in (a) Dollars, Term SOFR plus a spread adjustment of 0.10 percent per annum, (b) Sterling, SONIA plus a spread adjustment of 0.0326 percent per annum and (c) Euros, EURIBOR, as applicable, provided that each Relevant Rate is subject to a 0 percent floor. Subject to certain conditions stated in the Revolving Credit Agreement, the Company and any subsidiaries designated as additional borrowers may borrow, prepay and reborrow amounts under the Revolving Credit Facility at any time during the term of the Revolving Credit Agreement. The Revolving Credit Agreement will terminate and all amounts owing thereunder will be due and payable on February 25, 2027, unless the commitments are terminated earlier, either at the request of the Company or, if an event of default occurs, by the lenders (or automatically in the case of certain bankruptcy-related events). The Revolving Credit Agreement contains customary representations, warranties, and affirmative and negative covenants for facilities of its type, including financial covenants, events of default and indemnification provisions in favor of the lenders. The negative covenants include restrictions regarding the incurrence of liens, the incurrence of indebtedness by the Company’s subsidiaries and fundamental changes, subject to certain exceptions in each case. The financial covenants require the Company to meet a quarterly financial test with respect to a minimum consolidated interest coverage ratio of not less than 4.00 to 1.00 and a maximum consolidated leverage ratio of not greater than 3.50 to 1.00; provided that the consolidated leverage ratio may, subject to certain triggering events set forth in the Revolving Credit Agreement, be increased to 4.25 to 1.00 on one occasion and 4.00 to 1.00 on another occasion, in each case, for four consecutive fiscal quarters; provided that, prior to the exercise of the second such financial covenant step-up, the maximum consolidated leverage ratio shall have returned to a level of 3.50 to 1.00 for at least two consecutive fiscal quarters. At March 31, 2024, the Company was in compliance with these covenants and did not exercise financial covenant step-up. Cboe Clear Europe Credit Facility On July 1, 2020, Cboe Clear Europe, as borrower, the Company, as guarantor, entered into a Facility Agreement (as subsequently amended and restated, the “Facility” or “Cboe Clear Europe Credit Facility”) with Bank of America Merrill Lynch International Designated Activity Company, as co-ordinator, facility agent, lender, sole lead arranger and sole bookrunner, Citibank N.A., as security agent, and certain other lenders named therein. The Facility was amended and restated, on July 1, 2021, June 30, 2022, and June 29, 2023, as described below. The Facility provides for a €1.25 billion committed syndicated multicurrency revolving and swingline credit facility (i) that is available to be drawn by Cboe Clear Europe towards (a) financing unsettled amounts in connection with the settlement of transactions in securities and other items processed through Cboe Clear Europe’s clearing system and (b) financing any other liability or liquidity requirement that Cboe Clear Europe incurred in the operation of its clearing system and (ii) under which the scheduled interest and fees on borrowings (but not the principal amount of any borrowings) are guaranteed by the Company. Subject to certain conditions, Cboe Clear Europe is able to increase the commitments under the Facility by up to €500 million, to a total of €1.75 billion. Borrowings under the Facility are secured by cash, eligible government bonds and eligible equity assets deposited by Cboe Clear Europe into secured accounts. In addition, Cboe Clear Europe must ensure that at all times the aggregate of (a) each clearing participant’s contribution to the relevant clearing fund, (b) each clearing participant’s margin amount and (c) any cash equities purchased using the proceeds of the assets described in (a) and (b), less the amount of any such clearing participant contribution, margin amount or cash equities which have been transferred to (or secured in favor of) any provider of settlement or custody services to Cboe Clear Europe, is not less than €500 million. Borrowings under the Facility’s revolving loans and non-U.S. dollar swingline loans bear interest at the relevant floating base rate plus a margin of 1.60 percent per annum and (subject to certain conditions) borrowings under the Facility’s U.S. dollar swingline loans bear interest as the higher of the relevant agent’s prime commercial lending rate for U.S. dollars and 0.5 percent per annum over the federal funds effective rate. A commitment fee of 0.275 percent per annum is payable on the unused and uncalled amount of the Facility during the availability period. Subject to certain conditions stated in the Facility, Cboe Clear Europe may borrow, prepay and reborrow amounts under the Facility at any time during the term of the Facility. The Facility will terminate and all amounts owing thereunder will be due and payable on June 28, 2024, unless the commitments are terminated earlier, either at the request of Cboe Clear Europe or, if an event of default occurs, by the Lenders (or automatically in the case of certain bankruptcy-related events). The Facility contains customary representations, warranties and covenants for facilities of its type, including events of default of the Company and Cboe Clear Europe and indemnification provisions in favor of the Lenders. In particular, the covenants include restrictions regarding the incurrence of liens by Cboe Clear Europe and its subsidiaries, and an event of default will be triggered if Cboe Clear Europe ceases its business, subject to certain exceptions in each case. There is also a requirement for the net worth of (a) the Company to be no less than $1.75 billion on the date of each drawdown and delivery of compliance certificates and (b) Cboe Clear Europe to be the higher of €30 million and any such amount required for Cboe Clear Europe to meet minimum liquidity regulations under applicable regulation at all times. As of March 31, 2024, no borrowings were outstanding under the Facility. Accordingly, at March 31, 2024, €1.25 billion of borrowing capacity was available for the purposes permitted by the Facility. At March 31, 2024, the Company and Cboe Clear Europe were in compliance with applicable covenants. Notes Payments and Contractual Interest The future expected repayments related to the Senior Notes as of March 31, 2024 are as follows (in millions): ​ ​ ​ ​ Remainder of 2024 $ — 2025 ​ ​ — 2026 ​ ​ — 2027 ​ ​ 650.0 2028 ​ ​ — Thereafter ​ ​ 800.0 Principal amounts repayable ​ ​ 1,450.0 Debt issuance costs ​ ​ (5.7) Unamortized discounts on notes ​ ​ (4.7) Total debt outstanding ​ $ 1,439.6 ​ Interest expense recognized on the Term Loan Credit Agreement (the “Term Loan Agreement”), the Senior Notes, and the Revolving Credit Agreement is included in interest expense in the condensed consolidated statements of income. As of December 31, 2023 the Term Loan Agreement matured and was repaid in full and therefore the Company no longer incurs interest expense related to the Term Loan Agreement. The Company is also obligated to pay commitment fees under the terms of the Revolving Credit Agreement and Facility, which are also included in interest expense. Components of interest expense, net recognized in the condensed consolidated statements of income for the three months ended March 31, 2024 and 2023 are as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Components of interest expense: ​ ​ ​ ​ ​ ​ Contractual interest ​ $ 12.4 ​ $ 16.4 Amortization of debt discount and issuance costs ​ 0.6 ​ 0.7 Interest expense ​ $ 13.0 ​ $ 17.1 Interest income ​ ​ (4.1) ​ ​ (2.0) Interest expense, net ​ $ 8.9 ​ $ 15.1 ​

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS, NET	3 Months Ended
	Mar. 31, 2024
ACCUMULATED OTHER COMPREHENSIVE LOSS, NET
ACCUMULATED OTHER COMPREHENSIVE LOSS, NET	​ 11. ACCUMULATED OTHER COMPREHENSIVE LOSS, NET ​ The following represents the changes in accumulated other comprehensive loss, net by component (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ Total Accumulated ​ ​ Currency Unrealized ​ ​ ​ Other ​ ​ Translation Investment ​ Post-Retirement ​ Comprehensive ​ Adjustment Loss Benefits Loss, Net Balance at December 31, 2023 ​ $ (5.6) ​ $ (3.7) ​ $ (0.1) ​ $ (9.4) Other comprehensive (loss) income ​ (13.5) ​ ​ (0.5) ​ ​ 0.2 ​ ​ (13.8) Balance at March 31, 2024 ​ $ (19.1) ​ $ (4.2) ​ $ 0.1 ​ $ (23.2) ​

CLEARING OPERATIONS

CLEARING OPERATIONS	3 Months Ended
	Mar. 31, 2024
CLEARING OPERATIONS
CLEARING OPERATIONS	12. CLEARING OPERATIONS ​ Cboe operates two clearing houses, Cboe Clear Europe and Cboe Clear Digital, each of which acts as a central counterparty that provides clearing and settlement services. Cboe Clear Europe Cboe Clear Europe is a European equities central counterparty that provides post-trade services to stock exchanges, MTFs, over-the-counter (“OTC”) equities trades and an equity derivatives exchange. Cboe Clear Europe clears equities from eighteen European markets and the United States, as well as Depositary Receipts, ETFs, and equity-like instruments. In September 2021 Cboe Clear Europe began clearing equity derivatives for ten European markets, initially index futures and options and as of November 2023, single stock options. Through a novation process, Cboe Clear Europe becomes the buyer for every seller and the seller for every buyer, thereby protecting clearing participants from counterparty risk and allowing the settlement of trades in the event of a clearing participant default. Cboe Clear Europe only assumes the guarantor role if it has an equal and offsetting claim against a clearing participant. For the period ended March 31, 2024, there have been no events of default for which a liability is required to be recognized in accordance with GAAP. Cboe Clear Europe Clearing Participant Deposits Cboe Clear Europe generally requires all clearing participants to deposit collateral to help mitigate Cboe Clear Europe’s exposure to credit risk in the event that a clearing participant fails to meet a financial or contractual obligation. Margin Deposits Margin deposits, which are predominately in the form of cash and cash equivalents, are deposits made by each clearing participant to Cboe Clear Europe to cover some or all of the credit risk of its failure to fulfill its obligations in the trade. Cboe Clear Europe maintains and manages all cash deposits related to margin deposits. Substantially all risks and rewards of margin deposit ownership, including net interest income, belong to Cboe Clear Europe and are recorded in cash and spot markets on the condensed consolidated statements of income. In the event of a default, Cboe Clear Europe can access the defaulting participant’s margin deposits to cover the defaulting participant’s losses. For more information, see “Default and Liquidity Waterfalls” below. ​ Clearing Funds The clearing fund mutualizes the risk of default among all clearing participants. Depending on their membership, clearing participants contribute to the cash-equity and/or derivatives segment of the clearing fund. Although the entire clearing fund is available to cover potential losses in the event that the margin deposits and the clearing fund deposits of a defaulting clearing participant are inadequate to fulfill that clearing participant’s outstanding financial obligations, the clearing fund first uses the product class segment of the Clearing Fund in which the defaulting participants was active (see “Default and Liquidity Waterfalls” below). In the event of a default, Cboe Clear Europe is generally required to liquidate the defaulting clearing participant’s open positions. To the extent that the positions remain open, Cboe Clear Europe is required to assume the defaulting clearing participant’s obligations related to the open positions. Clearing participants are required to make contributions to the clearing fund that are proportional to their risk exposure in the form of cash or non-cash contributions, which generally consist of highly liquid securities. Interoperability Fund For the cash equity business line, Cboe Clear Europe has entered into interoperable arrangements with two other central counterparties (“CCPs”). Under these arrangements, margin is pledged to and from interoperable CCPs. The interoperability fund consists of collateral provided by clearing participants that is pledged by Cboe Clear Europe to the other interoperable CCPs, to cover margin calls Cboe Clear Europe receives from such interoperable CCPs. Effective August 14, 2023, Cboe Clear Europe enacted changes to its rules, and is able to invest the cash collateral received in the form of interoperability fund deposits from clearing participants in certain investments, typically securities issued by pre-approved sovereign issuers and reverse repurchase agreements with overnight maturities. When investments are made in accordance with Cboe Clear Europe’s Investment Policy, Cboe Clear Europe receives the amount of investment earnings and pays clearing participants those earnings minus a set basis point cost of collateral. As Cboe Clear Europe is able to direct the investment of the cash interoperability fund deposits received from the clearing participants within the program parameters and receives an economic benefit from those investments, these amounts are included in the margin deposits, clearing funds, and interoperability funds captions in the condensed consolidated balance sheets and the related interest income and expense is recorded in other revenue and other costs of revenue respectively on the condensed consolidated statements of income. Cboe Clear Europe Default and Liquidity Waterfalls The default waterfall is the priority order in which the capital resources are expected to be utilized in the event of a default where the defaulting clearing participant’s collateral would not be sufficient to cover the cost to liquidate its portfolio. If a default occurs and the defaulting clearing participant’s collateral, including margin deposits and clearing fund deposits, are depleted, then additional capital is utilized in the following order: ● Cboe Clear Europe dedicated own resources: The Cboe Clear Europe default waterfall first utilizes its dedicated own resources in two forms and totaling 35% of Cboe Clear Europe capital requirements; the ‘first skin in the game’, equal to 25% of Cboe Clear Europe capital requirements before the use of clearing fund contributions described below and the ‘second skin in the game’, an amount between 10 - 25% of capital requirements as discussed in Note 16 (“Regulatory Capital”). ● Clearing fund: Second, the Cboe Clear Europe default waterfall utilizes traditional CCP risk mutualization, in the event that default losses fully exhaust Cboe Clear Europe’s dedicated own resources amount, whereby contributions applicable to a particular product class are applied first to any loss attributable to that product class. ● Pro rata contributions: Third, if the default losses caused cannot be covered by the first two layers, the non-defaulting clearing participants shall on demand make additional payments to Cboe Clear Europe on a pro rata basis in proportion to the amount of their clearing fund contributions to cover any such remaining losses, which is limited to an amount equal to twice their clearing fund contribution as established under Cboe Clear Europe’s rules and regulations. In this scenario, contributions applicable to a particular product class are first applied to any losses attributable to that product class. In addition to the default waterfall, the liquidity waterfall is the priority order in which the liquidity resources are expected to be utilized for Cboe Clear Europe’s ordinary course business operations and in situations when additional liquidity resources and liquidity measures may be activated in case of a potential liquidity shortfall. Liquidity, intraday or overnight, is mainly required for securities settlement. In ordinary course business circumstances, liquidity resources include the collateral directly deposited with Cboe Clear Europe, FX swap arrangements, and reverse repurchase agreements, as well as the use of the Facility. Cboe Clear Digital Cboe Clear Digital is a digital asset and digital asset derivatives clearinghouse and central counterparty that provides clearing and settlement of digital asset trades. Cboe Clear Digital is registered as a Derivatives Clearing Organization (“DCO”) regulated by the U.S. Commodity Futures Trading Commission (“CFTC”) and is registered with the U.S. Treasury Financial Crimes Enforcement Network (“FinCEN”) as a money services business (“MSB”). Cboe Clear Digital is authorized by license or not subject to licensing, to conduct MSB services in 50 U.S. jurisdictions. Cboe Clear Digital performs a guarantee function whereby Cboe Clear Digital helps to ensure that the obligations of the transactions it clears are fulfilled. Cboe Clear Digital attempts to mitigate this risk by performing internal compliance and due diligence procedures as well as implementing internal risk controls. Cboe Clear Digital's due diligence procedures include review of the personal and corporate information, financial position of the member participant, and monitoring of Cboe Clear Digital's risk exposure thresholds. As of March 31, 2024, Cboe Clear Digital does not expect a material loss concerning credit risk on any member participant. Cboe Clear Digital Clearing Participant Deposits ​ Customer Bank Deposits Cboe Clear Digital holds cash on behalf of its customers for the purposes of supporting clearing transactions. Customer cash may be invested in approved investments and any interest or gain received, or loss incurred on invested funds is recorded in the condensed consolidated statements of income. For the three months ended March 31, 2024, interest on invested funds totaled $0.3 million. The Company includes customer cash related to the clearing activity on the condensed consolidated balance sheets in margin deposits, clearing funds, and interoperability funds, with a corresponding liability. Digital Assets - Safeguarded Assets The Company holds digital assets on behalf of its customers. In accordance with the SEC issued Staff Accounting Bulletin 121 (“SAB 121”), the Company includes customer digital assets on the condensed consolidated balance sheets in digital assets - safeguarded assets, with a corresponding offset in digital assets - safeguarded liabilities. Digital assets – safeguarded assets totaled $93.3 million and $51.3 million at March 31, 2024, and December 31, 2023, respectively. ​ The details of margin deposits, clearing funds, and interoperability funds as of March 31, 2024 and December 31, 2023, are as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ Margin Deposits Clearing Funds Interoperability Funds Total Cboe Clear Europe central bank account ​ $ 737.7 ​ $ 175.5 ​ $ 517.0 ​ $ 1,430.2 Cboe Clear Europe reverse repurchase and other ​ ​ 90.6 ​ ​ 4.1 ​ ​ — ​ ​ 94.7 Cboe Clear Digital customer bank deposits ​ ​ 19.7 ​ ​ — ​ ​ — ​ ​ 19.7 Total cash margin deposits, clearing funds, and interoperability funds ​ $ 848.0 ​ $ 179.6 ​ $ 517.0 ​ $ 1,544.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ ​ Margin Deposits Clearing Funds Interoperability Funds Total Cboe Clear Europe non-cash contributions (1) ​ $ 738.9 ​ $ 62.4 ​ $ 292.8 ​ $ 1,094.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Margin Deposits Clearing Funds Interoperability Funds Total Cboe Clear Europe central bank account ​ $ 361.3 ​ $ 140.1 ​ $ 271.0 ​ $ 772.4 Cboe Clear Europe reverse repurchase and other ​ ​ 2.7 ​ ​ 4.1 ​ ​ 55.6 ​ ​ 62.4 Cboe Clear Digital customer bank deposits ​ ​ 14.0 ​ ​ — ​ ​ — ​ ​ 14.0 Total cash margin deposits, clearing funds, and interoperability funds ​ $ 378.0 ​ $ 144.2 ​ $ 326.6 ​ $ 848.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Margin Deposits Clearing Funds Interoperability Funds Total Cboe Clear Europe non-cash contributions (1) ​ $ 637.0 ​ $ 65.6 ​ $ 228.0 ​ $ 930.6 (1) These amounts are not reflected in the condensed consolidated balance sheets, as Cboe Clear Europe does not have the ability to sell or repledge the amounts absent a clearing participant default. ​ The following depicts the Company’s valuation of digital assets – safeguarded assets and safeguarded liabilities as of March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 Digital Asset ​ Number of Units Valuation per Unit Fair Value (in millions) Bitcoin ("BTC") ​ ​ 884 ​ $ 70,848 ​ $ 62.7 Ethereum ("ETH") ​ ​ 7,723 ​ ​ 3,633 ​ ​ 28.1 Litecoin ("LTC") ​ ​ 14,050 ​ ​ 106 ​ ​ 1.5 Bitcoin Cash ("BCH") ​ ​ 631 ​ ​ 680 ​ ​ 0.4 USD Coin ("USDC") ​ ​ 635,149 ​ ​ 1 ​ ​ 0.6 Total ​ ​ ​ ​ ​ ​ ​ $ 93.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 Digital Asset ​ Number of Units Valuation per Unit Fair Value (in millions) Bitcoin ("BTC") ​ ​ 821 ​ $ 42,492 ​ $ 34.9 Ethereum ("ETH") ​ ​ 6,270 ​ ​ 2,282 ​ ​ 14.3 Litecoin ("LTC") ​ ​ 16,329 ​ ​ 74 ​ ​ 1.2 Bitcoin Cash ("BCH") ​ ​ 1,374 ​ ​ 261 ​ ​ 0.4 USD Coin ("USDC") ​ ​ 506,652 ​ ​ 1 ​ ​ 0.5 Total ​ ​ ​ ​ ​ ​ ​ $ 51.3 ​

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	3 Months Ended
	Mar. 31, 2024
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT	13. FAIR VALUE MEASUREMENT Fair value is the price that would be received upon the sale of an asset or paid upon the transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company’s own credit risk. The Company applied FASB Accounting Standards Codification (“ASC”) 820 — Fair Value Measurement ● Level 1—Unadjusted inputs based on quoted markets for identical assets or liabilities. ● Level 2—Observable inputs, either direct or indirect, not including Level 1 measurements, corroborated by market data or based upon quoted prices in non-active markets. ● Level 3—Unobservable inputs that reflect management’s best assumptions of what market participants would use in valuing the asset or liability. The Company has included a tabular disclosure for financial assets and liabilities that are measured at fair value on a recurring basis in the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively. ​ Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities (1) ​ $ 23.6 ​ $ 23.6 ​ $ — ​ $ — Marketable securities (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds ​ ​ 15.9 ​ ​ 15.9 ​ ​ — ​ ​ — Money market funds ​ 19.3 ​ 19.3 ​ — ​ — Digital assets - safeguarded assets ​ ​ 93.3 ​ ​ — ​ ​ 93.3 ​ ​ — Total assets ​ $ 152.1 ​ $ 58.8 ​ $ 93.3 ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 8.8 ​ $ — ​ $ — ​ $ 8.8 Digital assets - safeguarded liabilities ​ ​ 93.3 ​ ​ — ​ ​ 93.3 ​ ​ — Cboe Digital restricted common units liability (2) ​ ​ 18.4 ​ ​ — ​ ​ — ​ ​ 18.4 Cboe Digital warrant liability (2) ​ ​ 5.8 ​ ​ — ​ ​ — ​ ​ 5.8 Total liabilities ​ $ 126.3 ​ $ — ​ $ 93.3 ​ $ 33.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities (1) ​ $ 20.8 ​ $ 20.8 ​ $ — ​ $ — Marketable securities (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds ​ ​ 17.1 ​ ​ 17.1 ​ ​ — ​ ​ — Money market funds ​ ​ 19.6 ​ ​ 19.6 ​ ​ — ​ ​ — Digital assets - safeguarded assets ​ ​ 51.3 ​ ​ — ​ ​ 51.3 ​ ​ — Total assets ​ $ 108.8 ​ $ 57.5 ​ $ 51.3 ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 11.8 ​ $ — ​ $ — ​ $ 11.8 Digital assets - safeguarded liabilities ​ ​ 51.3 ​ ​ — ​ ​ 51.3 ​ ​ — Cboe Digital restricted common units liability (2) ​ ​ 18.7 ​ ​ — ​ ​ — ​ ​ 18.7 Cboe Digital warrant liability (2) ​ ​ 5.9 ​ ​ — ​ ​ — ​ ​ 5.9 Total liabilities ​ $ 87.7 ​ $ — ​ $ 51.3 ​ $ 36.4 (1) These amounts are reflected within financial investments in the condensed consolidated balance sheets. (2) These amounts are reflected within other non-current liabilities in the condensed consolidated balance sheets. ​ The following is a description of the Company’s valuation methodologies used for instruments measured at fair value on a recurring basis: Financial Investments Financial investments consist of highly liquid U.S. Treasury securities, and marketable securities held in a trust for the Company’s non-qualified retirement and benefit plans, also referred to as deferred compensation plan assets. The deferred compensation plan assets have an equal and offsetting deferred compensation plan liability based on the value of the deferred compensation plan assets. These securities are valued by obtaining feeds from a number of live data sources, including active market makers and inter-dealer brokers and therefore categorized as Level 1. No material adjustments were made to the carrying value of financial investments for the period ended March 31, 2024. See Note 15 (“Employee Benefit Plans”) for more information. Digital Assets – Safeguarded Assets and Liabilities Company valued digital assets – safeguarded assets, and digital assets – safeguarded liabilities by using the closing prices at 4:00pm Central Time on Cboe Digital Exchange, LLC’s (“Cboe Digital Exchange”) spot market (“Cboe Digital spot market”) as of March 31, 2024 for the underlying digital assets held on behalf of the Company’s customers. See Note 12 (“Clearing Operations”) for additional details regarding digital assets held. Contingent Consideration Liabilities In connection with the acquisition of Cboe Asia Pacific, the Company entered into contingent consideration arrangements with the sellers. The total fair value of the liabilities at March 31, 2024 was $8.8 million. That value is based on the Company’s estimate of the likelihood that certain performance targets in the respective acquisition agreements are expected to be accomplished. In connection with the contingent consideration arrangements, the Company paid a total of $3.0 million in contingent consideration to the sellers of Cboe Asia Pacific during the three months ended March 31, 2024. Because the fair value measurements relating to the contingent consideration liabilities are subject to management judgment, measurement uncertainty is inherent in the valuation of the contingent consideration liabilities as of the reporting date. Based on the recorded balance of the liabilities, any measurement uncertainty related to this Level 3 measurement is immaterial as of March 31, 2024. ​ Cboe Digital Syndication Liabilities ​ On November 18, 2022, Cboe Digital Holdings Inc. (“Cboe Digital Holdings”) entered into minority interest purchase agreements with certain digital asset industry participants, pursuant to which Cboe Digital Holdings agreed to issue Restricted Common Units in Cboe Digital. Cboe Digital Holdings also entered into a Warrant Agreement to issue Common Units of Cboe Digital in the future. Certain Cboe Digital investor members paid for the Restricted Common Units through the issuance of promissory notes, which are nonrecourse in nature and are accounted for as in-substance stock options. The cost associated with the Restricted Common Units is recognized as contra-revenue in transaction and clearing fees in the condensed consolidated statements of income ratably over a five-year period. The Company uses a Black Scholes option pricing model to estimate the fair value of the in-substance stock option created by the Restricted Common Units and promissory notes as well as the fair value of the Warrant Units. Contra-revenue will be recognized while the performance conditions of the Warrant Units remain probable in conformance with the requirements in ASC 606 – Revenue from Contracts with Customers. Further adjustments will be recognized in each reporting period until performance is complete relating to changes in the fair value of the option and Warrant liabilities in accordance with ASC 718 – Compensation – Stock Compensation. Based on the recorded balance of the liabilities, any measurement uncertainty related to this Level 3 measurement is immaterial as of March 31, 2024. For the three months ended March 31, 2024, there was $0.1 million of other income recognized in other income, net in the condensed consolidated statements of income related to a reduction in the fair value of the Warrant Units. See Note 17 (“Stock-Based Compensation”) for more information. ​ Certain Cboe Digital investor members can earn additional Restricted Common Units if they meet certain performance-based metrics outlined in an equity incentive program. The Incentive Program Units are subject to the same terms and conditions as the other Restricted Common Units and are similarly liability-classified awards. Cboe Digital authorized a maximum of 20 Common Units to be distributed over the two-year life of the incentive program. The cost associated with the Incentive Program Units will be recognized as contra-revenue in transaction and clearing fees in the condensed consolidated statements of income ratably over the remaining service period associated with the Incentive Program Units. Further adjustments will be recognized in each reporting period until performance is complete relating to changes in the fair value of the incentive program liabilities in accordance with ASC 718 – Compensation – Stock Compensation. Based on the recorded balance of the liabilities, any measurement uncertainty related to this Level 3 measurement is immaterial as of March 31, 2024. For the three months ended March 31, 2024, there was $0.3 million of other income recognized in other income, net in the condensed consolidated statements of income related to a reduction in the fair value of the options. See Note 17 (“Stock-Based Compensation”) for more information. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets, such as goodwill and intangible assets, are measured at fair value on a non-recurring basis. For goodwill, the process involves using a market approach and income approach (using discounted estimated cash flows) to determine the fair value of each reporting unit on a stand-alone basis. That fair value is compared to the carrying value of the reporting unit, including its recorded goodwill. In connection with the annual impairment evaluation of goodwill and indefinite lived intangibles, impairment is considered to have occurred if the fair value of the reporting unit is lower than the carrying value of the reporting unit. See “Digital Assets Held” below and Note 1 (“Organization and Basis of Presentation”) for discussion of valuation considerations specific to digital assets held. For the other intangible assets, the process also involves using a discounted cash flow method to determine the fair value of each intangible asset. Impairment is considered to have occurred if the fair value of the intangible asset is lower than its carrying value. These measurements are considered Level 3 and these assets are recognized at fair value if they are deemed to be impaired. In addition, property held for sale as of March 31, 2024 was also measured at fair value. See Note 5 (“Property and Equipment, Net”) for more information on property held for sale. ​ Equity investments without readily determinable fair values that are valued using the measurement alternative are measured at fair value on a non-recurring basis. No observable transactions or impairments impacted the measurements of the investments accounted for as other equity investments. See Note 4 (“Investments”) for more information. Fair Value of Assets and Liabilities The following tables present the Company’s fair value hierarchy for certain assets and liabilities held by the Company as of March 31, 2024 and December 31, 2023 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities (1) ​ $ 23.6 ​ $ 23.6 ​ $ — ​ $ — Deferred compensation plan assets (1) ​ ​ 35.2 ​ ​ 35.2 ​ ​ — ​ ​ — Digital assets - safeguarded assets ​ ​ 93.3 ​ ​ — ​ ​ 93.3 ​ ​ — Digital assets held (2) ​ ​ 0.1 ​ ​ 0.1 ​ ​ — ​ ​ — Total assets ​ $ 152.2 ​ $ 58.9 ​ $ 93.3 ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 8.8 ​ $ — ​ $ — ​ $ 8.8 Deferred compensation plan liabilities (3) ​ ​ 35.2 ​ ​ 35.2 ​ ​ — ​ ​ — Digital assets - safeguarded liabilities ​ ​ 93.3 ​ ​ — ​ ​ 93.3 ​ ​ — Cboe Digital restricted common units liability (3) ​ ​ 18.4 ​ ​ — ​ ​ — ​ ​ 18.4 Cboe Digital warrant liability (3) ​ ​ 5.8 ​ ​ — ​ ​ — ​ ​ 5.8 Debt ​ 1,301.6 ​ — ​ 1,301.6 ​ ​ — Total liabilities ​ $ 1,463.1 ​ $ 35.2 ​ $ 1,394.9 ​ $ 33.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities (1) ​ $ 20.8 ​ $ 20.8 ​ $ — ​ $ — Deferred compensation plan assets (1) ​ 36.7 ​ 36.7 ​ — ​ — Digital assets - safeguarded assets ​ ​ 51.3 ​ ​ — ​ ​ 51.3 ​ ​ — Digital assets held (2) ​ ​ 0.1 ​ ​ 0.1 ​ ​ — ​ ​ — Total assets ​ $ 108.9 ​ $ 57.6 ​ $ 51.3 ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 11.8 ​ $ — ​ $ — ​ $ 11.8 Deferred compensation plan liabilities (3) ​ ​ 36.7 ​ ​ 36.7 ​ ​ — ​ ​ — Digital assets - safeguarded liabilities ​ ​ 51.3 ​ ​ — ​ ​ 51.3 ​ ​ — Cboe Digital restricted common units liability (3) ​ ​ 18.7 ​ ​ — ​ ​ — ​ ​ 18.7 Cboe Digital warrant liability (3) ​ ​ 5.9 ​ ​ — ​ ​ — ​ ​ 5.9 Debt ​ 1,305.7 ​ — ​ 1,305.7 ​ — Total liabilities ​ $ 1,430.1 ​ $ 36.7 ​ $ 1,357.0 ​ $ 36.4 (1) These amounts are reflected within financial investments in the condensed consolidated balance sheets. (2) These amounts are reflected within intangible assets, net in the condensed consolidated balance sheets. (3) These amounts are reflected within other non-current liabilities in the condensed consolidated balance sheets. Certain financial assets and liabilities, including cash and cash equivalents, accounts receivable, income tax receivable, accounts payable and Section 31 fees payable, and notes receivable are not measured at fair value on a recurring basis, but the carrying values approximate fair value due to their liquid or short-term nature. Debt The debt balance consists of fixed rate Senior Notes. The fair values of the Senior Notes are classified as Level 2 under the fair value hierarchy and are estimated using prevailing market quotes. At March 31, 2024 and December 31, 2023, the fair values of the Company’s debt obligations were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ March 31, 2024 ​ December 31, 2023 3.650% Senior Notes $ 630.5 ​ $ 628.5 1.625% Senior Notes ​ 409.5 ​ ​ 412.7 3.000% Senior Notes ​ 261.6 ​ ​ 264.5 ​ Digital Assets Held Digital assets held, which are included within intangible assets, net in the condensed consolidated balance sheets, are valued following a review of exchange prices for each specific digital asset throughout the holding period ended March 31, 2024. The Company will impair to the lowest observable value during the period for each digital asset type in accordance with Cboe Digital’s policy, which states that the Company values digital assets held by using the closing prices at 4:00pm Central Time on Cboe Digital Exchange’s spot market. As part of Cboe Digital’s pricing policy, the closing price on Cboe Digital’s spot market is compared to three other exchanges (Coinbase, Bitstamp, and Kraken) and the CoinDesk Price Index to assess for reasonableness. These inputs are categorized in the fair value hierarchy as Level 1 as the marketplace is considered active. Information on Level 3 Financial Liabilities The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities during the three months ended March 31, 2024 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3 Financial Liabilities for the Three Months Ended March 31, 2024 ​ ​ Balance at ​ Realized (Gains) ​ ​ ​ ​ ​ ​ ​ Foreign ​ Balance at ​ ​ Beginning of ​ Losses during ​ ​ ​ ​ ​ ​ ​ Currency ​ End of ​ Period Period Adjustments Additions Settlements ​ Translation Period Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities $ 11.8 ​ $ — ​ $ — ​ $ — $ (3.0) ​ $ — ​ $ 8.8 Cboe Digital restricted common units liability ​ ​ 18.7 ​ ​ (0.3) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 18.4 Cboe Digital warrant liability ​ 5.9 ​ ​ (0.1) ​ ​ — ​ ​ — ​ — ​ ​ — ​ 5.8 Total liabilities ​ $ 36.4 ​ $ (0.4) ​ $ — ​ $ — ​ $ (3.0) ​ $ — ​ $ 33.0 ​

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2024
SEGMENT REPORTING
SEGMENT REPORTING	14. SEGMENT REPORTING The Company operates six reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital which is reflective of how the Company's chief operating decision-maker reviews and operates the business, as discussed in Note 1 (“Organization and Basis of Presentation”). Segment performance is primarily evaluated based on operating income (loss). The Company’s chief operating decision-maker does not use segment-level assets or income and expenses below operating income (loss) as key performance metrics; therefore, such information is not presented below. The Company has aggregated all of its corporate costs, as well as other business ventures, within the Corporate Items and Eliminations totals based on the decision that those activities should not be used to evaluate the operating performance of the segments; however, operating expenses that relate to activities of a specific segment have been allocated to that segment. Options. Company’s primary options market and offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on the Cboe Options trading floor in Chicago. C2 Options, BZX Options, and EDGX Options are all-electronic options exchanges, and typically operate with different market models and fee structures than Cboe Options. The Options segment also includes applicable market data fees revenues generated from the consolidated tape plans, the licensing of proprietary options market data, index licensing, routing services, and access and capacity services. North American Equities. Europe and Asia Pacific. Futures. Global FX. Digital. Summarized financial data of reportable segments was as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North Europe ​ ​ ​ Corporate ​ ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ ​ ​ ​ Items and ​ ​ ​ Options Equities Pacific Futures Global FX Digital Eliminations Total Three Months Ended March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 477.4 ​ $ 349.6 ​ $ 80.7 ​ $ 31.4 ​ $ 18.8 ​ $ (0.7) ​ $ — ​ $ 957.2 Operating income (loss) ​ 216.8 ​ ​ 38.0 ​ ​ 10.2 ​ ​ 22.1 ​ ​ 6.6 ​ ​ (10.2) ​ ​ (1.1) ​ ​ 282.4 Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 486.1 ​ $ 379.8 ​ $ 72.3 ​ $ 32.1 ​ $ 18.8 ​ $ (0.9) ​ $ — ​ $ 988.2 Operating income (loss) ​ 201.0 ​ ​ 28.4 ​ ​ 11.3 ​ ​ 20.9 ​ ​ 4.7 ​ ​ (11.4) ​ ​ (7.0) ​ ​ 247.9 ​ ​ Geographical Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ Non-U.S. ​ Total Revenues less cost of revenues: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2024 $ 436.5 ​ $ 65.6 ​ $ 502.1 Three months ended March 31, 2023 ​ 415.9 ​ ​ 55.5 ​ ​ 471.4 ​

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2024
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	​ 15. EMPLOYEE BENEFIT PLANS ​ Eligible U.S. employees are eligible to participate in the Cboe Options SMART Plan (“SMART Plan”). The SMART Plan is a defined contribution plan, which is qualified under Internal Revenue Code Section 401(k). In addition, eligible employees may participate in the Supplemental Employee Retirement Plan and the Deferred Compensation Plan, which are defined contribution plans that are non-qualified under the Internal Revenue Code. The non-qualified plans assets, held in a trust, are subject to the claims of general creditors of the Company and totaled $35.2 million and $36.7 million at March 31, 2024, and December 31, 2023, respectively. Although the value of the plan is recorded in financial investments on the condensed consolidated balance sheets, there is an equal and offsetting liability in other non-current liabilities. The investment results of the non-qualified plans have no impact on net income as the investment results are recorded in equal amounts to both other income, net and compensation and benefits expense in the condensed consolidated statements of income. The Company matches a portion of employee contributions made to the SMART Plan and Supplemental Employee Retirement Plan. The Company contributed $3.7 million and $3.6 million to these plans for the three months ended March 31, 2024, and 2023, respectively. Eligible employees outside of the U.S., which includes employees of Cboe Europe, Cboe NL, Cboe Clear Europe, BIDS, Cboe Asia Pacific, and Cboe Canada Inc. are eligible to participate in various employee-selected stakeholder contribution plans or plans covered by local jurisdictions or by applicable laws. The Company’s contribution amounted to $1.4 million and $1.2 million for the three months ended March 31, 2024 and 2023, respectively. This expense is included in compensation and benefits in the condensed consolidated statements of income. Effective January 1, 2023, Directors may contribute a percentage of their cash and equity compensation to cash and equity deferred compensation plans that are maintained by the Company and defer income taxes thereon.

REGULATORY CAPITAL

REGULATORY CAPITAL	3 Months Ended
	Mar. 31, 2024
REGULATORY CAPITAL
REGULATORY CAPITAL	16. REGULATORY CAPITAL As broker-dealers registered with the SEC, Cboe Trading, BIDS Trading, and Cboe Fixed Income are subject to the SEC’s Uniform Net Capital Rule (“Rule 15c3-1”), which requires the maintenance of minimum net capital, as defined therein. The SEC’s requirement also provides that equity capital may not be withdrawn or a cash dividend paid if certain minimum net capital requirements are not met. Cboe Trading, BIDS Trading, and Cboe Fixed Income compute the net capital requirements under the basic method provided for in Rule 15c3-1. As of March 31, 2024, Cboe Trading and BIDS Trading were required to maintain net capital equal to the greater of 6.67% of aggregate indebtedness items, as defined, or $0.1 million. Cboe Fixed Income was required to maintain net capital equal to the greater of 6.67% of aggregate indebtedness items, as defined, or $5.0 thousand. As entities regulated by the FCA, Cboe Europe is subject to the Financial Resource Requirement (“FRR”) and Cboe Chi-X Europe is subject to the Capital Resources Requirement (“CRR”). As a RIE, Cboe Europe computes its FRR in accordance with its Financial Risk Assessment, as agreed by the FCA. In accordance with the Markets in Financial Instruments Directive of the FCA requirements, Cboe Chi-X Europe computes its CRR as the greater of the base requirement of $0.1 million at March 31, 2024, or the summation of the credit risk, market risk and fixed overheads requirements, as defined. On March 8, 2019, Cboe NL received approval from the Dutch Ministry of Finance to operate a RM, a MTF, and an approved publication arrangement in the Netherlands. As a RM, Cboe NL is subject to minimum capital requirements, as established by the Dutch Ministry of Finance in the license dated March 8, 2019. Cboe Clear Europe was granted authorization under European Market Infrastructure Regulation (“EMIR”) by the National Competent Authority, DNB. Cboe Clear Europe is required by the EMIR, to maintain a minimum amount of capital to reflect an estimate of the capital required to wind down or restructure the activities of the clearinghouse, cover operational, legal and business risks and to reserve capital to meet credit, counterparty and market risks not covered by the clearing participants’ collateral and clearing funds. As a designated contract market regulated by the CFTC, CFE is required to meet two capital adequacy tests: (i) its financial resources must be equal to at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets, which may include a line of credit, must be equal to at least six months of its projected operating costs. The amounts presented below represent the greater of the two capital adequacy requirements. As a swap execution facility regulated by the CFTC, Cboe SEF is required to meet two capital adequacy tests: (i) its financial resources must exceed at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets must be equal to the greater of: (a) three months of projected operating costs or (b) its projected wind down costs. The amounts presented below represent the greater of the two capital adequacy requirements. As a designated contract organization regulated by the CFTC, Cboe Digital Exchange is required to meet two capital adequacy tests: (i) its financial resources must be equal to at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets, which may include a line of credit, must be equal to at least six months of its projected operating costs. The amounts presented below represent the greater of the two capital adequacy requirements. As a derivatives clearing organization regulated by the CFTC, Cboe Clear Digital is required to meet two capital adequacy tests: (i) its financial resources must be equal to at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets, which may include a line of credit, must be equal to at least six months of its projected operating costs. The amounts presented below represent the greater of the two capital adequacy requirements. Cboe Canada Inc. is regulated by the Ontario Securities Commission (“OSC”). Cboe Canada Inc. is required to maintain sufficient financial resources for the proper performance of its functions and to meet its responsibilities. Cboe Canada Inc. must calculate the following financial ratios monthly: (i) current ratio, (ii) a debt to cash flow ratio, and (iii) a financial leverage ratio. Cboe Canada Inc. must report the monthly calculations to the OSC on a quarterly basis. Cboe Australia is regulated by the Australian Securities and Investments Commission (“ASIC”). Cboe Australia is required to maintain sufficient financial resources to operate the market properly in accordance with Section 794A(d) of the Corporations Act, which Cboe Australia satisfies by maintaining a prudent cash reserve, which must be equal to at least six months of its projected operating expenses. Cboe Japan is regulated by the Japanese Financial Services Agency (“JFSA”) and the Japan Securities Dealers Association (“JSDA”). Cboe Japan is required to maintain a minimum level of regulatory capital ratio of 120% in accordance with such requirements prescribed by the JFSA and JSDA. The following table presents the Company’s subsidiaries with regulatory capital requirements discussed above, as well as the actual and minimum regulatory capital requirements of the subsidiary as of March 31, 2024 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Subsidiary ​ Regulatory Authority ​ Actual ​ Requirement Cboe Trading ​ FINRA/SEC ​ $ 12.3 ​ $ 1.0 BIDS Trading ​ FINRA/SEC ​ ​ 1.5 ​ ​ 0.4 Cboe Fixed Income ​ FINRA/SEC ​ ​ 5.9 ​ ​ 0.1 Cboe Europe ​ FCA ​ ​ 61.7 ​ ​ 29.1 Cboe Chi-X Europe ​ FCA ​ ​ 0.1 ​ ​ 0.1 Cboe NL ​ Dutch Authority for Financial Markets ​ ​ 17.9 ​ ​ 7.3 Cboe Clear Europe ​ DNB ​ ​ 87.2 ​ ​ 48.0 CFE ​ CFTC ​ ​ 59.9 ​ ​ 38.7 Cboe SEF ​ CFTC ​ ​ 2.4 ​ ​ 2.1 Cboe Digital Exchange ​ CFTC ​ ​ 44.5 ​ ​ 5.6 Cboe Clear Digital ​ CFTC ​ ​ 32.7 ​ ​ 5.7 Cboe Australia ​ ASIC ​ ​ 12.5 ​ ​ 4.9 Cboe Japan ​ JFSA ​ ​ 8.5 ​ ​ 4.3 ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2024
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	​ ​ 17. STOCK-BASED COMPENSATION ​ Stock-based compensation is based on the fair value of the award on the date of grant, which is recognized over the related service period, net of actual forfeitures. The service period is the period over which the related service is performed, which is generally the same as the vesting period. Vesting may be accelerated for certain officers and employees as a result of attaining certain age and service-based requirements in the Company’s long-term incentive plan and award agreements. Stock-based compensation expense relating to employee awards is included in compensation and benefits and acquisition-related costs in the condensed consolidated statements of income. The Company recognized stock-based compensation expense related to employee awards of $11.5 million and $16.9 million for the three months ended March 31, 2024 and 2023, respectively. Stock-based compensation expense relating to non-employee director awards is included in professional fees and outside services in the condensed consolidated statements of income. The Company recognized stock-based compensation expense related to non-employee director awards of $0.3 million and $0.5 million for the three months ended March 31, 2024 and 2023, respectively. Stock-based compensation expense relating to Restricted Common Units and Warrant Units granted to investor members of Cboe Digital are recorded as contra-revenue in the condensed consolidated statements of income and is outlined further below. The activity in the Company’s restricted stock, consisting of restricted stock units (“RSUs”), and performance-based restricted stock units (“PSUs”) for the three months ended March 31, 2024 was as follows: RSUs ​ The following table summarizes RSU activity during the three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ average grant ​ Shares date fair value Nonvested stock at December 31, 2023 638,181 ​ $ 125.25 Granted 210,722 ​ ​ 183.12 Vested (232,632) ​ ​ 113.37 Forfeited (3,079) ​ ​ 128.70 Nonvested stock at March 31, 2024 613,192 ​ $ 149.63 ​ RSUs entitle the holder to one share of common stock upon vesting with the exception of certain jurisdictions where the RSUs are settled in cash, typically vest over a three-year period, and vesting accelerates upon death, disability, or the occurrence of a qualified termination following a change in control. Vesting will also accelerate upon a qualified retirement where applicable and permitted. Where applicable and permitted, qualified retirement eligibility occurs once achieving 55 years of age and 10 years of service. Starting in 2024, in connection with grants of new equity awards, the award agreements provide that in the event of a participant’s retirement, all unvested outstanding RSUs and a pro-rata portion of unvested outstanding PSUs will remain outstanding and be distributed in accordance with the award’s original vesting and settlement schedule, even after the applicable retirement date. Retirement eligibility will require, in addition to attaining 55 years of age and 10 years of continuous service, submission of 6 months of advanced written notice of a retirement and submission, approval, and satisfactory completion of a transition plan. Unvested RSUs will be forfeited if the officer, or employee leaves the Company prior to the applicable vesting date, except in limited circumstances. RSUs granted to non-employee members of the Board of Directors have a one-year vesting period and vesting accelerates upon the occurrence of a change in control of the Company. Unvested portions of the RSUs will be forfeited if the director leaves the Board of Directors prior to the applicable vesting date. The RSUs have no voting rights but entitle the holder to receive dividend equivalents. During the three months ended March 31, 2024, to satisfy employees’ tax obligations upon the vesting of restricted stock, the Company purchased 90,121 shares of common stock totaling $16.9 million as a result of the vesting of 232,278 shares of restricted stock. ​ PSUs The following table summarizes restricted stock units contingent upon achievement of performance conditions, also known as PSUs, activity during the three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ average grant ​ Shares date fair value Nonvested stock at December 31, 2023 134,484 ​ $ 127.72 Granted 86,996 ​ ​ 145.21 Vested (110,376) ​ ​ 100.50 Forfeited — ​ ​ — Nonvested stock at March 31, 2024 111,104 ​ $ 168.45 ​ PSUs include awards related to earnings per share during the performance period as well as awards related to total shareholder return during the performance period. The Company used the Monte Carlo valuation model method to estimate the fair value of the total shareholder return PSUs which incorporated the following assumptions for awards granted in February 2024: risk-free interest rate (4.41)%, 2.86-year volatility (21.56)% and 2.86-year correlation with S&P 500 Index (0.39). Each of these performance shares has a performance condition under which the number of units ultimately awarded will vary from 0% to 200% of the original grant, with each unit representing the contingent right to receive one share of the Company’s common stock. The vesting period for the PSUs contingent on the achievement of performance conditions is three years. For each of the performance awards, the PSUs will be settled in shares of the Company’s common stock following vesting of the PSU assuming that the participant has been continuously employed during the vesting period, subject to acceleration upon death, disability, or the occurrence of a qualified termination following a change in control. Participants have no voting rights with respect to the PSUs until the issuance of the shares of common stock. Dividends are accrued by the Company and will be paid once the PSUs, contingent on the achievement of performance conditions, vest. In the three months ended March 31, 2024, to satisfy employees’ tax obligations upon the vesting of performance stock, the Company purchased 46,867 shares of common stock totaling $8.6 million as a result of the vesting of 110,376 shares of performance stock. As of March 31, 2024, there were $85.1 million in total unrecognized compensation costs related to restricted stock, restricted stock units, and performance stock units. These costs are expected to be recognized over a weighted average period of 2.3 years. Employee Stock Purchase Plan In May 2018, the Company’s stockholders approved an Employee Stock Purchase Plan, (“ESPP”), under which a total of 750,000 shares of the Company’s common stock will be made available for purchase to employees. The ESPP is a broad-based plan that permits employees to contribute up to 10% of wages and base salary to purchase shares of the Company’s common stock at a discount, subject to applicable annual Internal Revenue Service (“IRS”) limitations. Under the ESPP, a participant may not purchase more than a maximum of 312 shares of the Company’s common stock during any single offering period. No participant may accrue options to purchase shares of the Company’s common stock at a rate that exceeds $25,000 in fair market value of the Company’s common stock (determined at the time such options are granted) for each calendar year in which such rights are outstanding at any time. The exercise price per share of common stock shall be 85% (for eligible U.S. and international employees) of the lesser of the fair value of the stock on the first day of the applicable offering period or the applicable exercise date. The Company records compensation expense over the offering period related to the discount that is given to employees, which totaled $0.8 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, 520,414 shares were reserved for future issuance under the ESPP. Cboe Digital Restricted Common Units Common Units through the issuance of promissory notes, which are nonrecourse in nature. The issuances of Restricted Common Units for nonrecourse promissory notes are accounted for as in-substance stock options. The promissory notes generally bear interest at a rate of 5% per annum and mature upon the earlier of the sale of vested Restricted Common Units, or either November 18, 2032 or November 18, 2037. One Cboe Digital investor member paid for the Restricted Common Units in exchange for cash. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ Number of ​ average exercise ​ Aggregate ​ average remaining ​ Units price intrinsic value contractual term Outstanding at December 31, 2023 185 ​ $ 0.3 ​ $ — 5 years Granted — ​ ​ — ​ ​ — ​ Vested — ​ ​ — ​ ​ — ​ Outstanding at March 31, 2024 185 ​ $ 0.3 ​ $ — 5 years ​ Vesting of Restricted Common Units is based on certain conditions relating to the participation and performance of the Cboe Digital investor members on the Cboe Digital platforms, generally over a five-year period. Performance is generally measured based on participation on the Cboe Digital platforms and the investor members maintaining certain average daily volumes on the platforms. Due to the existence of an option for investor members to sell their shares immediately after vesting, the options are liability classified. The options expire upon the maturity of the promissory notes, which is either November 18, 2032 or November 18, 2037, unless the options are exercised. The cost associated with the options will be recognized as contra-revenue, net of actual forfeitures and based on the continued probability of the satisfaction of performance conditions ratably over the vesting period. At December 31, 2022, $14.0 million of contra-revenue related to the options grants was included in other assets, net within the consolidated balance sheet. At March 31, 2023 the contra-revenue balance included in other assets, net within the condensed consolidated balance sheet included a $0.1 million adjustment to the Restricted Common Units contra-revenue asset as a result of the finalization of the initial grant date fair value calculation. For the three months ended March 31, 2024 and 2023, $0.6 million and $0.8 million of contra-revenue related to the options grants was recognized in transaction and clearing fees in the condensed consolidated statements of income, respectively. As of March 31, 2024, and December 31, 2023, $10.4 million and $11.0 million of contra-revenue related to the options grants was included in other assets, net on the condensed consolidated balance sheets, respectively, and is expected to be recognized as contra-revenue in transaction and clearing fees in the condensed consolidated statements of income over the remaining contractual term. Changes in the fair value of the options, subsequent to the grant date, is recognized in other income, net in the condensed consolidated statements of income in the period in which the fair value of the options changes. The Company uses a Black Scholes pricing model to estimate the fair value of the in-substance stock options which incorporated the following assumptions as of December 31, 2023: risk-free interest rate range (3.81 to 3.90)%, expected dividend rate (0)%, expected volatility (60 to 65)%, and expected term of 3.9 to 5.9 years. For the three months ended March 31, 2024, there was $0.3 million of other income recognized in other income, net in the condensed consolidated statements of income related to a reduction in the fair value of the options. ​ Cboe Digital Warrants Units On November 18, 2022, Cboe Digital Holdings entered into a Warrant Agreement with an investor member to acquire up to 80 Common Units of Cboe Digital, subject to certain vesting events. The investor member is a customer of Cboe Digital. The vesting of the Warrant Units is based upon the achievement of certain conditions relating to the service provided by the investor member over a two-year period, of which some conditions represent conditions that are not service, performance, or market conditions and, therefore, the Warrant Units are liability classified. As of March 31, 2024, 40 Warrant Units have vested, but no The cost associated with the Warrant Units will be recognized as contra-revenue ratably throughout the expected life of the Warrant before exercise. For each of the three months ended March 31, 2024 and 2023, $0.3 million of contra-revenue related to the Warrant Units was recognized in transaction and clearing fees in the condensed consolidated statements of income. As of March 31, 2024, and December 31, 2023, $4.3 million and $4.6 million of contra-revenue related to the Warrant Units is included in other assets, net within the condensed consolidated balance sheets, respectively, and is expected to be recognized as contra-revenue in transaction and clearing fees in the condensed consolidated statements of income over the remaining life of the Warrant Units. The following table summarizes the Warrant Unit activity during the three months ended March 31, 2024 (in millions, except number of units): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ average exercise ​ Units price Outstanding and exercisable at December 31, 2023 ​ 40 ​ $ 0.2 Outstanding at December 31, 2023 80 ​ ​ 0.2 Granted — ​ ​ — Vested — ​ ​ — Outstanding and exercisable at March 31, 2024 ​ 40 ​ ​ 0.2 Outstanding at March 31, 2024 80 ​ $ 0.2 ​ Changes in the fair value of the Warrant Units, subsequent to the grant date, is recognized in other income, net in the condensed consolidated statements of income in the period in which the fair value of the Warrant Units change. The Company uses a Black Scholes pricing model to estimate the fair value of the Warrant Units which incorporated the following assumptions as of December 31, 2023: risk-free interest rate (3.89)%, expected dividend rate (0)%, expected volatility (65)%, and expected term of 4.0 years. For the three months ended March 31, 2024, there was $0.1 million of other income recognized in other income, net in the condensed consolidated statements of income related to a reduction in the fair value of the Warrant Units.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2024
EQUITY
EQUITY	18. EQUITY Common Stock The Company’s common stock is listed on Cboe BZX under the trading symbol CBOE. As of March 31, 2024, 325,000,000 shares of the Company’s common stock were authorized, $0.01 par value, and 105,931,791 and 105,341,315 shares were issued and outstanding, respectively. As of December 31, 2023, 325,000,000 shares of the Company’s common stock were authorized, $0.01 par value, and 105,556,817 and 105,527,815 shares were issued and outstanding, respectively. The holders of common stock are entitled to one vote per share. Common Stock in Treasury, at Cost The Company accounts for the purchase of treasury stock under the cost method with the shares of stock repurchased reflected as a reduction to Cboe stockholders’ equity and included in common stock in treasury, at cost in the condensed consolidated balance sheets. Shares repurchased under the Company’s share repurchase program are retired or they are available to be redistributed. When treasury shares are redistributed, they are recorded at the average cost of the treasury shares acquired. When treasury shares are retired, they are removed from the common stock in treasury balance. The Company held 590,476 and 29,002 shares of common stock in treasury as of March 31, 2024 and December 31, 2023, respectively. Share Repurchase Program In 2011, the Board of Directors approved an initial authorization for the Company to repurchase shares of its outstanding common stock of $100 million and subsequently approved additional authorizations for a total authorization of $1.8 billion. The Company expects to fund repurchases primarily through the use of existing cash balances. The program permits the Company to purchase shares, through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the Company to make any repurchases at any specific time or situation. The table below shows the repurchased shares of common stock under the Company’s share repurchase program during the period presented as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Number of shares of common stock repurchased ​ 489,686 ​ ​ 567,073 Average price paid per share $ 182.26 ​ $ 123.42 Total purchase price (in millions) $ 89.3 ​ $ 70.0 ​ Since inception of the program through March 31, 2024, the Company has repurchased 20,099,774 shares of common stock at an average cost per share of $74.89, for a total value of $1.5 billion. As of March 31, 2024 and 2023, the Company had $294.8 million and $147.9 million of availability remaining under its existing share repurchase authorizations, respectively. Purchase of Common Stock from Employees The Company purchased 136,988 and 98,783 shares that were not part of the publicly announced share repurchase authorization from employees for an average price paid per share of $186.36 and $129.03 during the three months ended March 31, 2024, and 2023, respectively. These shares consisted of shares retained to cover payroll withholding taxes or option costs in connection with the vesting of restricted stock awards, restricted stock units, and performance share awards. Preferred Stock The Company has authorized the issuance of 20,000,000 shares of preferred stock, par value $0.01 per share, issuable from time to time in one or more series. As of March 31, 2024, and December 31, 2023, the Company had no shares of preferred stock issued or outstanding. Dividends During the three months ended March 31, 2024, the Company declared and paid cash dividends per share of $0.55 for an aggregate payout of $58.5 million. During the three months ended March 31, 2023, the Company declared and paid cash dividends per share of $0.50 for an aggregate payout of $53.3 million. Each share of common stock, including RSUs and PSUs, is entitled to receive dividend and dividend equivalents, respectively, if, as and when declared by the Board of Directors of the Company. The Company’s expectation is to continue to pay dividends. The decision to pay a dividend, however, remains within the discretion of the Company’s Board of Directors and may be affected by various factors, including earnings, financial condition, capital requirements, level of indebtedness and other considerations the Board of Directors deems relevant. Future debt obligations and statutory provisions, among other things, may limit, or in some cases prohibit, the Company’s ability to pay dividends. As a holding company, the Company’s ability to declare and continue to pay dividends in the future with respect to its common stock will also be dependent upon the ability of its subsidiaries to pay dividends to it under applicable corporate law.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
INCOME TAXES
INCOME TAXES	19. INCOME TAXES The Company records income tax expense during interim periods based on the best estimate of the full year’s tax rate as adjusted for discrete items, if any, that are taken into account in the relevant interim period. Each quarter, the Company updates its estimate of the annual effective tax rate and any change in the estimated rate is recorded on a cumulative basis. The effective tax rate from continuing operations was 28.3% and 30.1% for the three months ended March 31, 2024 and 2023, respectively. The lower effective tax rate for the three months ended March 31, 2024 compared to the same period in 2023 is primarily due to excess tax benefits from the vesting of equity awards during the first quarter of 2024. During the three months ended March 31, 2024 the Company paid $72.8 million to settle its Section 199 liabilities.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2024
EARNINGS PER SHARE
EARNINGS PER SHARE	20. EARNINGS PER SHARE The computation of basic net income per common share is calculated by reducing net income for the period by dividends paid or declared and undistributed net income for the period that are allocated to participating securities to arrive at net income allocated to common stockholders. Net income allocated to common stockholders is divided by the weighted average number of common shares outstanding during the period to determine net income per share allocated to common stockholders. The computation of diluted net income per share is calculated by dividing net income allocated to common stockholders by the sum of the weighted average number of common shares outstanding plus all additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. The dilutive effect is calculated using the more dilutive of the two-class or treasury stock method. The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Basic earnings per share numerator: ​ ​ ​ ​ ​ ​ Net income ​ $ 209.5 ​ $ 173.4 Net income allocated to participating securities ​ (1.2) ​ (0.8) Net income allocated to common stockholders ​ $ 208.3 ​ $ 172.6 Basic earnings per share denominator: ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ ​ 105.6 ​ ​ 105.9 Basic earnings per share ​ $ 1.97 ​ $ 1.63 ​ ​ ​ ​ ​ ​ ​ Diluted earnings per share numerator: ​ ​ ​ ​ ​ ​ Net income ​ $ 209.5 ​ $ 173.4 Net income allocated to participating securities ​ (1.2) ​ (0.8) Net income allocated to common stockholders ​ $ 208.3 ​ $ 172.6 Diluted earnings per share denominator: ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ ​ 105.6 ​ ​ 105.9 Dilutive common shares issued under stock program ​ ​ 0.5 ​ ​ 0.3 Total dilutive weighted average shares ​ ​ 106.1 ​ ​ 106.2 Diluted earnings per share ​ $ 1.96 ​ $ 1.63 ​ For the periods presented, the Company did not have shares of stock-based compensation that would have an anti-dilutive effect on the computation of diluted earnings per share.

COMMITMENTS, CONTINGENCIES, AND

COMMITMENTS, CONTINGENCIES, AND GUARANTEES	3 Months Ended
	Mar. 31, 2024
COMMITMENTS, CONTINGENCIES, AND GUARANTEES
COMMITMENTS, CONTINGENCIES, AND GUARANTEES	21. COMMITMENTS, CONTINGENCIES, AND GUARANTEES Legal Proceedings As of March 31, 2024, the Company was subject to the various legal proceedings and claims discussed below, as well as certain other legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business. The Company reviews its legal proceedings and claims, regulatory reviews and inspections and other legal proceedings on an ongoing basis and follows appropriate accounting guidance when making accrual and disclosure decisions. The Company establishes accruals for those contingencies where the incurrence of a loss is probable and can be reasonably estimated, and the Company discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for the condensed consolidated financial statements to not be misleading. The Company does not record liabilities when the likelihood that the liability has been incurred is probable, but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. The Company’s assessment of whether a loss is remote, reasonably possible, or probable is based on its assessment of the ultimate outcome of the matter following all appeals. As of March 31, 2024, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for these legal proceedings and claims, regulatory reviews, inspections or other legal proceedings, if any, has been incurred. While the consequences of certain unresolved proceedings are not presently determinable, the outcome of any proceeding is inherently uncertain and an adverse outcome from certain matters could have a material effect on the financial position, results of operations, or cash flows of the Company in any given reporting period. CAT Funding Model Order Litigation On September 6, 2023, the SEC issued an order approving an amendment to the CAT National Market System Plan to implement a revised funding model for CATLLC to fund the CAT (“CAT Funding Model Order”). The approved CAT Funding Model contemplates two categories of CAT fees calculated based on the “executed equivalent shares” of transactions in eligible securities: (i) CAT fees assessed by CATLLC to Industry Members who are CAT Executing Brokers to recover a portion of historical CAT costs previously paid to CATLLC by the Plan Participants; and (ii) CAT fees assessed by CATLLC to CAT Executing Brokers and Plan Participants to fund prospective CAT costs. On October 17, 2023, the American Securities Association (“AMA”) and Citadel Securities, LLC (“Citadel”) filed a Petition for Review of the CAT Funding Model Order in the U.S. Court of Appeals for the 11th Circuit (“11th Circuit”). On November 16, 2023, the Cboe U.S. national securities exchanges, the NYSE U.S. national securities exchanges, the Nasdaq U.S. national securities exchanges and CATLLC filed motions to intervene on behalf of the SEC. On January 17, 2024, the 11th Circuit granted each of the motions to intervene on behalf of the SEC and established a briefing schedule. Briefing is expected to conclude during the second quarter of 2024. Arguments are expected to occur during the third quarter of 2024. This challenge or any other challenge to the SEC order approving the CAT Funding Model and/or Plan Participant(s) fee filings may significantly delay efforts to implement the CAT fees. As a result, the Plan Participants may continue to incur additional significant costs, and/or it may result in them not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT. The Company believes the appeal is without merit and intends to vigorously litigate the matter. Other As self-regulatory organizations under the jurisdiction of the SEC, Cboe Options, C2, BZX, BYX, EDGX and EDGA are subject to routine reviews and inspections by the SEC. As a designated contract market under the jurisdiction of the CFTC, CFE, and Cboe Digital Exchange are subject to routine rule enforcement reviews and examinations by the CFTC. As a derivatives clearing organization under the jurisdiction of the CFTC, Cboe Clear Digital is also subject to routine audits and examinations by state regulators. Cboe SEF, LLC is a swap execution facility registered with the CFTC and subject to routine rule enforcement reviews and examinations by the CFTC. Cboe Trading, BIDS Trading and Cboe Fixed Income are subject to reviews and inspections by FINRA. The Company has from time to time received inquiries and investigative requests from the SEC’s Division of Examinations and the CFTC’s Division of Market Oversight as well as the SEC Division of Enforcement and CFTC Division of Enforcement seeking information about the Company’s compliance with its obligations as a self-regulatory organization under the federal securities laws and Commodity Exchange Act as well as members’ compliance with the federal securities laws and Commodity Exchange Act. In addition, Cboe Europe, Cboe Chi-X Europe, Cboe Clear Europe, Cboe NL, Cboe Australia, Cboe Japan, and Cboe Canada Inc. may be subject to routine reviews, audits, examinations, investigations, or inspections, as applicable, by their respective regulators, and while they have not been the subject of any litigation or regulatory investigation in the past that resulted in a material impact on the Company’s financial position, results of operations, liquidity or capital resources, there is always the possibility of such action in the future. As Cboe Europe and Cboe Chi-X Europe are domiciled in the UK, it is likely that any action would be taken in the UK courts in relation to litigation or by the FCA in relation to any regulatory enforcement action. As Cboe Clear Europe is domiciled in the Netherlands, it is likely that any action would be taken in the Dutch courts in relation to litigation or by the DNB or Dutch Authority for Financial Markets in relation to any regulatory enforcement action. For Cboe NL, also domiciled in the Netherlands, it is likely that any actions would be taken in the Dutch courts in relation to litigation or Dutch Authority for Financial Markets in relation to any regulatory enforcement action. As Cboe Australia is domiciled in Australia, it is likely that any action would be taken in the Australian courts in relation to litigation or by the ASIC, in relation to any regulatory enforcement action. As Cboe Japan is domiciled in Japan, it is likely that any action would be taken in the Japanese courts in relation to litigation or by the JFSA or the JSDA in relation to any regulatory enforcement action. As Cboe Canada Inc. is domiciled in Canada, it is likely that any action would be taken in the Canadian courts in relation to litigation or by the OSC and/or CIRO in relation to any regulatory enforcement action. Cboe Digital has committed to securely store all digital assets it holds on behalf of users. As such, Cboe Digital may be liable to its users for losses arising from theft or loss of user private keys. Cboe Digital has no reason to believe it will incur any expense associated with such potential liability because (i) it has no known or historical experience of claims to use as a basis of measurement, (ii) it accounts for and continually verifies the amount of digital assets within its control, and (iii) it has established security around custodial private keys to minimize the risk of theft or loss. There were no loss events impacting safeguarded assets caused by the theft or loss of digital asset user private keys as of March 31, 2024. The Company is also currently a party to various other legal and regulatory proceedings in addition to those already mentioned. Management does not believe that the likely outcome of any of these other reviews, inspections, investigations or other legal proceedings is expected to have a material impact on the Company’s financial position, results of operations, liquidity or capital resources. See also Note 6 (“Credit Losses”) for information on promissory notes related to the CAT. See also Note 19 (“Income Taxes”). Contractual Obligations The Company has contractual obligations related to licensing agreements with various licensors, some of which included fixed fees and/or variable fees calculated using agreed upon contracted rates and reported cleared volumes. Certain licensing agreements contain annual minimum fee requirements that total between $17.1 and $18.1 million each year for the next five years million each year for the next five years See Note 12 (“Clearing Operations”) for information on the clearinghouse exposure guarantees for Cboe Clear Europe and Cboe Clear Digital. See Note 22 (“Leases”) for information on lease obligations.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2024
LEASES.
LEASES	22. LEASES The Company currently leases office space, data centers, remote network operations centers, and equipment under non-cancelable operating leases with third parties as of March 31, 2024 one no The following table presents the supplemental balance sheet information related to leases as of March 31, 2024 and December 31, 2023, respectively (in millions): ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 ​ 2023 Operating lease right of use assets $ 130.6 ​ $ 136.6 Total leased assets $ 130.6 ​ $ 136.6 ​ ​ ​ ​ Current operating lease liabilities (1) $ 21.0 ​ $ 20.8 Non-current operating lease liabilities ​ 144.3 ​ ​ 150.8 Total leased liabilities $ 165.3 ​ $ 171.6 (1) These amounts are reflected within accounts payable and accrued liabilities in the condensed consolidated balance sheets. The following table presents operating lease costs and other information as of and for the three months ended March 31, 2024 and 2023, respectively (in millions, except as stated): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ ​ 2023 ​ Operating lease costs (1) $ 9.1 ​ ​ $ 8.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease term and discount rate information: ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term (years) ​ 8.4 ​ ​ ​ 10.0 ​ Weighted average discount rate ​ 3.4 % ​ ​ 3.1 % ​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information and non-cash activity: ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities $ 6.8 ​ ​ $ 6.4 ​ Right of use assets obtained in exchange for lease liabilities ​ — ​ ​ ​ 3.3 ​ (1) Includes short-term lease and variable lease costs, which are immaterial. ​ The maturities of the lease liabilities are as follows as of March 31, 2024 (in millions): ​ ​ ​ ​ ​ ​ March 31, ​ 2024 Remainder of 2024 ​ $ 19.3 2025 ​ ​ 26.1 2026 ​ ​ 27.3 2027 ​ ​ 23.0 2028 ​ ​ 20.8 After 2028 ​ 75.5 Total lease payments (1) ​ $ 192.0 Less: Interest ​ ​ (26.7) Present value of lease liabilities ​ $ 165.3 (1) Total lease payments include $13.8 million related to options to extend lease terms that are reasonably certain of being exercised.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	23. SUBSEQUENT EVENTS On April 25, 2024, the Company announced plans to wind down the spot crypto market currently offered by Cboe Digital and transition its cash-settled Bitcoin and Ether futures contracts to CFE, pending regulatory review and certain corporate approvals. The Company expects to maintain the derivatives clearing services currently operated by Cboe Clear Digital, integrating these functions and teams into the existing organizational structure. In connection with shutting down the spot crypto exchange, the Company also plans to unwind the minority ownership structure in Cboe Digital. For the three months ended March 31, 2024, Cboe Digital net revenue was $(0.9) million and is included in the Digital reportable segment. The Company expects to record an estimated pre-tax charge of $39 million to $82 million, which is expected to be recorded in the quarter ending June 30, 2024, primarily related to non-cash impairment of long-lived and indefinite-lived intangible assets. Subsequent to the three months ended March 31, 2024, from April 1, 2024 through April 30, 2024, the Company repurchased 152,383 shares of its common stock under its share repurchase program at an average cost per share of $179.54, for a total value of $27.4 million. As of April 30, 2024, the Company had $267.4 million of availability remaining under its existing share repurchase authorizations. There have been no other subsequent events that would require disclosure in, or adjustment to, the condensed consolidated financial statements as of and for the three months ended March 31, 2024. ​

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2024
ORGANIZATION AND BASIS OF PRESENTATION
Basis of Presentation	Basis of Presentation These interim unaudited condensed consolidated financial statements have been prepared in accordance with GAAP as established by FASB for interim financial information and with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The results of operations for interim periods are not necessarily indicative of the results of operations for the full year. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses. On an ongoing basis, management evaluates its estimates based upon historical experience, observance of trends, information available from outside sources and various other assumptions that management believes to be reasonable under the circumstances. Actual results may differ from these estimates under different conditions or assumptions. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented have been included.
Segment information	Segment Information The Company operates six reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, Global FX, and Digital, which is reflective of how the Company's chief operating decision-maker reviews and operates the business. See Note 14 (“Segment Reporting”) for more information.
Update to Significant Accounting Policies	Update to Significant Accounting Policies There have been no new or material changes to the significant accounting policies discussed for the Company for the periods presented, that are of significance, or potential significance, to the Company.
Recent Accounting Pronouncements	Recent Accounting Pronouncements – Adopted There were no applicable material accounting pronouncements that have been adopted during the three month period ended March 31, 2024. ​ Recent Accounting Pronouncements - Issued, not yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. For public entities, the update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company expects to adopt the update for the consolidated financial statements issued for the year ending December 31, 2024 and does not anticipate a material impact to the consolidated financial statements. ​ In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. This ASU addresses the accounting and disclosure requirements for certain crypto assets and requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in earnings in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. For public entities, the update is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2024. The Company expects to adopt the update for the condensed consolidated financial statements issued in the first quarter of 2025 and does not anticipate a material impact to the condensed consolidated financial statements. ​ In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. For public entities, the update is effective for fiscal years beginning after December 15, 2024. The Company expects to adopt the update for the consolidated financial statements issued for the year ending December 31, 2025 and does not anticipate a material impact to the consolidated financial statements. ​ On March 6, 2024, the SEC adopted new climate disclosure rules, which requires companies to publish information that describes the climate-related risks that are reasonably likely to have a material impact on a company’s business or consolidated financial statements. The final rules would require companies to disclose material climate-related risks, activities to mitigate or adapt to such risks, information about the companies’ board of directors’ oversight of climate-related risks and management’s role in managing climate-related risks, and information on any climate-related targets or goals that are material to the companies’ business, results of operations or financial condition. On March 15, 2024, the U.S. Court of Appeals for the Fifth Circuit granted an administrative stay of the SEC’s final Climate Disclosure Rules, in response to legal challenges unaffiliated with the Company. The Company expects to review any updates regarding the Court stay and update the financial statements and disclosures accordingly based on the outcome of the ongoing legal proceedings related to these rules. There were no other recent applicable material accounting pronouncements that have been issued, but not yet adopted as of March 31, 2024.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 31, 2024
REVENUE RECOGNITION
Schedule of disaggregated revenue contract types	The following table depicts the disaggregated revenue contract types listed above within each respective financial statement caption in the condensed consolidated statements of income (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ Data and ​ ​ ​ ​ ​ ​ and Spot ​ Access ​ Derivatives ​ ​ ​ Markets Solutions Markets Total Three Months Ended March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 305.2 ​ $ — ​ $ 413.3 ​ $ 718.5 Access and capacity fees ​ ​ — ​ ​ 90.1 ​ ​ — ​ ​ 90.1 Market data fees ​ ​ 16.0 ​ ​ 49.3 ​ ​ 6.7 ​ ​ 72.0 Regulatory fees ​ ​ 34.9 ​ ​ — ​ ​ 15.3 ​ ​ 50.2 Other revenue ​ ​ 24.8 ​ ​ 0.8 ​ ​ 0.8 ​ ​ 26.4 ​ ​ $ 380.9 ​ $ 140.2 ​ $ 436.1 ​ $ 957.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ Data and ​ ​ ​ ​ ​ ​ and Spot ​ Access ​ Derivatives ​ ​ ​ ​ Markets Solutions Markets Total Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction and clearing fees ​ $ 311.9 ​ $ — ​ $ 420.6 ​ $ 732.5 Access and capacity fees ​ ​ — ​ ​ 84.2 ​ ​ — ​ ​ 84.2 Market data fees ​ ​ 17.9 ​ ​ 44.5 ​ ​ 8.5 ​ ​ 70.9 Regulatory fees ​ ​ 62.6 ​ ​ — ​ ​ 21.9 ​ ​ 84.5 Other revenue ​ ​ 14.6 ​ ​ 0.7 ​ ​ 0.8 ​ ​ 16.1 ​ ​ $ 407.0 ​ $ 129.4 ​ $ 451.8 ​ $ 988.2
Schedule of disaggregation of revenue according to segment	The following table depicts the disaggregation of revenue according to segment (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North ​ Europe ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ Global ​ ​ ​ ​ ​ ​ Options Equities Pacific Futures FX Digital Total Three Months Ended March 31, 2024 Transaction and clearing fees ​ $ 389.8 ​ $ 251.7 ​ $ 38.8 ​ $ 23.5 ​ $ 15.5 ​ $ (0.8) ​ $ 718.5 Access and capacity fees ​ ​ 41.7 ​ ​ 29.7 ​ ​ 10.1 ​ ​ 5.7 ​ ​ 2.8 ​ ​ 0.1 ​ ​ 90.1 Market data fees ​ ​ 29.1 ​ ​ 30.7 ​ ​ 9.7 ​ ​ 2.2 ​ ​ 0.3 ​ ​ — ​ ​ 72.0 Regulatory fees ​ ​ 15.3 ​ ​ 34.9 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 50.2 Other revenue ​ ​ 1.5 ​ ​ 2.6 ​ ​ 22.1 ​ ​ — ​ ​ 0.2 ​ ​ — ​ ​ 26.4 ​ ​ $ 477.4 ​ $ 349.6 ​ $ 80.7 ​ $ 31.4 ​ $ 18.8 ​ $ (0.7) ​ $ 957.2 Timing of revenue recognition Services transferred at a point in time ​ $ 406.6 ​ $ 289.2 ​ $ 60.9 ​ $ 23.5 ​ $ 15.7 ​ $ (0.8) ​ $ 795.1 Services transferred over time ​ ​ 70.8 ​ ​ 60.4 ​ ​ 19.8 ​ ​ 7.9 ​ ​ 3.1 ​ ​ 0.1 ​ ​ 162.1 ​ ​ $ 477.4 ​ $ 349.6 ​ $ 80.7 ​ $ 31.4 ​ $ 18.8 ​ $ (0.7) ​ $ 957.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 Transaction and clearing fees ​ $ 395.8 ​ $ 255.0 ​ $ 42.1 ​ $ 24.8 ​ $ 15.8 ​ $ (1.0) ​ $ 732.5 Access and capacity fees ​ ​ 38.9 ​ ​ 28.4 ​ ​ 8.9 ​ ​ 5.3 ​ ​ 2.6 ​ ​ 0.1 ​ ​ 84.2 Market data fees ​ ​ 28.0 ​ ​ 31.9 ​ ​ 8.7 ​ ​ 2.0 ​ ​ 0.3 ​ ​ — ​ ​ 70.9 Regulatory fees ​ ​ 21.9 ​ ​ 62.6 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 84.5 Other revenue ​ ​ 1.5 ​ ​ 1.9 ​ ​ 12.6 ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ 16.1 ​ ​ $ 486.1 ​ $ 379.8 ​ $ 72.3 ​ $ 32.1 ​ $ 18.8 ​ $ (0.9) ​ $ 988.2 Timing of revenue recognition Services transferred at a point in time ​ $ 419.2 ​ $ 319.5 ​ $ 54.7 ​ $ 24.8 ​ $ 15.9 ​ $ (1.0) ​ $ 833.1 Services transferred over time ​ ​ 66.9 ​ ​ 60.3 ​ ​ 17.6 ​ ​ 7.3 ​ ​ 2.9 ​ ​ 0.1 ​ ​ 155.1 ​ ​ $ 486.1 ​ $ 379.8 ​ $ 72.3 ​ $ 32.1 ​ $ 18.8 ​ $ (0.9) ​ $ 988.2
Schedule of revenue recognized from contract liabilities and the remaining balance	The revenue recognized from contract liabilities and the remaining balance is shown below (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2023 Cash Additions Revenue Recognized Balance at March 31, 2024 Liquidity provider sliding scale (1) ​ $ — ​ $ 7.2 ​ $ (1.8) ​ $ 5.4 Other, net ​ ​ 6.1 ​ ​ 7.3 ​ ​ (5.7) ​ ​ 7.7 Total deferred revenue ​ $ 6.1 ​ $ 14.5 ​ $ (7.5) ​ $ 13.1 (1) Liquidity providers are eligible to participate in the sliding scale program, which involves prepayment of transaction fees, and to receive reduced fees based on the achievement of certain volume thresholds within a calendar month. These transaction fees are amortized and recorded ratably as the transactions occur over the period .

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
INVESTMENTS
Schedule of investments	As of March 31, 2024 and December 31, 2023, the Company’s investments were comprised of the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Equity method investments: ​ ​ ​ ​ ​ ​ Investment in 7Ridge Investments 3 LP ​ $ 307.5 ​ $ 292.0 Total equity method investments ​ ​ 307.5 ​ ​ 292.0 ​ ​ ​ ​ ​ ​ ​ Other equity investments: ​ ​ ​ ​ ​ ​ Investment in Eris Innovations Holdings, LLC ​ ​ 20.0 ​ ​ 20.0 Investment in Globacap Technology Limited ​ ​ 16.0 ​ ​ 16.0 Investment in CSD Br ​ ​ 5.9 ​ ​ 5.9 Investment in Coin Metrics Inc. ​ ​ 5.0 ​ ​ 5.0 Investment in Cboe Vest Financial Group, Inc. ​ ​ 2.9 ​ ​ 2.9 Investment in OCC ​ ​ 0.3 ​ ​ 0.3 Other equity investments ​ 4.2 ​ 3.2 Total other equity investments ​ ​ 54.3 ​ ​ 53.3 ​ ​ ​ ​ ​ ​ ​ Total investments ​ $ 361.8 ​ $ 345.3

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	3 Months Ended
	Mar. 31, 2024
PROPERTY AND EQUIPMENT, NET
Schedule of property and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Construction in progress ​ $ 3.2 ​ $ 1.5 Furniture and equipment ​ 324.6 ​ 322.9 Total property and equipment ​ 327.8 ​ 324.4 Less accumulated depreciation ​ (221.8) ​ (215.2) Property and equipment, net ​ $ 106.0 ​ $ 109.2

CREDIT LOSSES (Tables)

CREDIT LOSSES (Tables)	3 Months Ended
	Mar. 31, 2024
CREDIT LOSSES
Schedule of changes in allowance for credit losses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for notes receivable credit losses ​ Allowance for accounts receivable credit losses ​ Total allowance for credit losses Balance at December 31, 2023 ​ $ 30.1 ​ $ 4.5 ​ $ 34.6 Current period provision for expected credit losses ​ ​ — ​ ​ 1.5 ​ ​ 1.5 Write-offs charged against the allowance ​ ​ — ​ ​ (0.4) ​ ​ (0.4) Recoveries collected ​ ​ — ​ ​ — ​ ​ — Balance at March 31, 2024 ​ $ 30.1 ​ $ 5.6 ​ $ 35.7 ​

OTHER ASSETS, NET (Tables)

OTHER ASSETS, NET (Tables)	3 Months Ended
	Mar. 31, 2024
OTHER ASSETS, NET
Schedule of other assets, net	Other assets, net consisted of the following as of March 31, 2024 and December 31, 2023 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Software development work in progress ​ $ 4.8 ​ $ 3.5 Data processing software ​ ​ 127.5 ​ ​ 128.1 Less accumulated depreciation and amortization ​ (91.0) ​ (88.3) Data processing software, net ​ 41.3 ​ 43.3 Other assets (1) ​ ​ 168.1 ​ ​ 163.0 Other assets, net ​ $ 209.4 ​ $ 206.3 (1) At March 31, 2024 and December 31, 2023, the majority of the balance included notes receivable, net of allowance, a contra-revenue asset, and long-term prepaid assets. As of March 31, 2024 and December 31, 2023, the notes receivable, net balance was $142.6 million and $136.9 million, respectively. See Note 6 (“Credit Losses”) for more information on the notes receivable, net of allowance, included within other assets, net on the condensed consolidated balance sheets. See Note 17 (“Stock-Based Compensation”) for more information on the contra-revenue asset related to the issuance of Cboe Digital Restricted Common Units and Warrant Units included within other assets, net on the condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, the contra-revenue asset balance was $17.0 million and $18.1 million, respectively.

GOODWILL, INTANGIBLE ASSETS, _2

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD (Tables)	3 Months Ended
	Mar. 31, 2024
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD
Schedule of goodwill details by segment	The following table presents the details of goodwill by segment (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North American ​ Europe and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Equities Asia Pacific Global FX Digital Total Balance as of December 31, 2023 ​ $ 305.8 ​ $ 2,004.4 ​ $ 563.2 ​ $ 267.2 ​ $ — ​ $ 3,140.6 Changes in foreign currency exchange rates ​ — ​ (3.6) ​ (3.2) ​ — ​ — ​ (6.8) Balance as of March 31, 2024 ​ $ 305.8 ​ $ 2,000.8 ​ $ 560.0 ​ $ 267.2 ​ $ — ​ $ 3,133.8
Schedule of details of intangible assets by segment	The following table presents the details of the intangible assets by segment (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North American ​ Europe and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Equities Asia Pacific Global FX Digital Total Balance as of December 31, 2023 ​ $ 134.1 ​ $ 935.3 ​ $ 352.5 ​ $ 56.2 ​ $ 83.4 ​ $ 1,561.5 Amortization ​ (2.5) ​ (13.7) ​ (4.6) ​ ​ (3.6) ​ ​ (1.8) ​ (26.2) Changes in foreign currency exchange rates ​ — ​ (1.7) ​ ​ (6.9) ​ — ​ — ​ (8.6) Balance as of March 31, 2024 ​ $ 131.6 ​ $ 919.9 ​ $ 341.0 ​ $ 52.6 ​ $ 81.6 ​ $ 1,526.7
Schedule of categories of intangible assets by segment	​ The following tables present the categories of intangible assets by segment as of March 31, 2024 and December 31, 2023 (in millions, except as stated): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ Weighted ​ ​ ​ ​ ​ North ​ Europe ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ ​ ​ ​ Amortization ​ Options Equities Pacific Global FX Digital Period (in years) Trading registrations and licenses ​ $ 95.5 ​ $ 605.4 ​ $ 206.4 ​ $ — ​ $ 25.0 ​ Indefinite Customer relationships ​ 46.6 ​ 412.8 ​ 211.3 ​ 140.0 ​ — ​ 15 Market data customer relationships ​ 53.6 ​ 322.0 ​ 60.9 ​ 64.4 ​ — ​ 8 Technology ​ 28.1 ​ 56.5 ​ 33.8 ​ 22.5 ​ 70.0 ​ 7 Trademarks and tradenames ​ 12.9 ​ 8.2 ​ 2.4 ​ 1.2 ​ — ​ 6 Digital assets held ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.1 ​ Indefinite Accumulated amortization ​ (105.1) ​ (485.0) ​ (173.8) ​ (175.5) ​ (13.5) ​ ​ ​ ​ $ 131.6 ​ $ 919.9 ​ $ 341.0 ​ $ 52.6 ​ $ 81.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Weighted ​ ​ ​ ​ ​ North ​ Europe ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ ​ ​ ​ Amortization ​ Options Equities Pacific Global FX Digital Period (in years) Trading registrations and licenses ​ $ 95.5 ​ $ 606.0 ​ $ 209.6 ​ $ — ​ $ 25.0 ​ Indefinite Customer relationships ​ 46.6 ​ ​ 413.9 ​ ​ 216.1 ​ ​ 140.0 ​ ​ — ​ 15 Market data customer relationships ​ 53.6 ​ ​ 322.0 ​ ​ 61.6 ​ ​ 64.4 ​ ​ — ​ 8 Technology ​ 28.1 ​ ​ 56.9 ​ ​ 34.2 ​ ​ 22.5 ​ ​ 70.0 ​ 7 Trademarks and tradenames ​ 12.9 ​ ​ 8.2 ​ ​ 2.4 ​ ​ 1.2 ​ ​ — ​ 6 Digital assets held ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.1 ​ Indefinite Accumulated amortization ​ (102.6) ​ ​ (471.7) ​ ​ (171.4) ​ ​ (171.9) ​ ​ (11.7) ​ ​ ​ ​ $ 134.1 ​ $ 935.3 ​ $ 352.5 ​ $ 56.2 ​ $ 83.4 ​ ​

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2024
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Schedule of accounts payable and accrued liabilities	Accounts payable and accrued liabilities consisted of the following as of March 31, 2024 and December 31, 2023 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2024 2023 Compensation and benefit-related liabilities ​ $ 30.5 ​ $ 77.1 Royalties ​ ​ 43.3 ​ ​ 44.9 Accrued liabilities ​ 88.8 ​ ​ 70.3 Current operating lease liabilities ​ ​ 21.0 ​ ​ 20.8 Rebates payable ​ ​ 81.6 ​ ​ 75.1 Marketing fee payable ​ 18.9 ​ ​ 17.5 Current unrecognized tax benefits ​ ​ 9.3 ​ ​ 82.3 Accounts payable ​ 11.3 ​ ​ 24.7 Total accounts payable and accrued liabilities ​ $ 304.7 ​ $ 412.7 ​

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2024
DEBT
Schedule of debt	The Company’s debt consisted of the following as of March 31, 2024 and December 31, 2023 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2024 2023 $650 million fixed rate Senior Notes due January 2027, stated rate of 3.650% ​ $ 648.1 ​ $ 647.9 $500 million fixed rate Senior Notes due December 2030, stated rate of 1.625% ​ ​ 495.0 ​ ​ 494.8 $300 million fixed rate Senior Notes due March 2032, stated rate of 3.000% ​ ​ 296.5 ​ ​ 296.5 Revolving Credit Agreement ​ ​ — ​ ​ — Cboe Clear Europe Credit Facility ​ ​ — ​ ​ — Total debt ​ $ 1,439.6 ​ $ 1,439.2
Schedule of future expected repayments related to Senior Notes	The future expected repayments related to the Senior Notes as of March 31, 2024 are as follows (in millions): ​ ​ ​ ​ Remainder of 2024 $ — 2025 ​ ​ — 2026 ​ ​ — 2027 ​ ​ 650.0 2028 ​ ​ — Thereafter ​ ​ 800.0 Principal amounts repayable ​ ​ 1,450.0 Debt issuance costs ​ ​ (5.7) Unamortized discounts on notes ​ ​ (4.7) Total debt outstanding ​ $ 1,439.6
Schedule of interest expense, net	Components of interest expense, net recognized in the condensed consolidated statements of income for the three months ended March 31, 2024 and 2023 are as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Components of interest expense: ​ ​ ​ ​ ​ ​ Contractual interest ​ $ 12.4 ​ $ 16.4 Amortization of debt discount and issuance costs ​ 0.6 ​ 0.7 Interest expense ​ $ 13.0 ​ $ 17.1 Interest income ​ ​ (4.1) ​ ​ (2.0) Interest expense, net ​ $ 8.9 ​ $ 15.1 ​

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS, NET (Tables)	3 Months Ended
	Mar. 31, 2024
ACCUMULATED OTHER COMPREHENSIVE LOSS, NET
Schedule of accumulated other comprehensive income (loss), net	The following represents the changes in accumulated other comprehensive loss, net by component (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ Total Accumulated ​ ​ Currency Unrealized ​ ​ ​ Other ​ ​ Translation Investment ​ Post-Retirement ​ Comprehensive ​ Adjustment Loss Benefits Loss, Net Balance at December 31, 2023 ​ $ (5.6) ​ $ (3.7) ​ $ (0.1) ​ $ (9.4) Other comprehensive (loss) income ​ (13.5) ​ ​ (0.5) ​ ​ 0.2 ​ ​ (13.8) Balance at March 31, 2024 ​ $ (19.1) ​ $ (4.2) ​ $ 0.1 ​ $ (23.2) ​

CLEARING OPERATION (Tables)

CLEARING OPERATION (Tables) - Cboe Clear Digital	3 Months Ended
	Mar. 31, 2024
Clearing Operations
Schedule of total margin deposits, clearing funds, and interoperability fund deposits	The details of margin deposits, clearing funds, and interoperability funds as of March 31, 2024 and December 31, 2023, are as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ Margin Deposits Clearing Funds Interoperability Funds Total Cboe Clear Europe central bank account ​ $ 737.7 ​ $ 175.5 ​ $ 517.0 ​ $ 1,430.2 Cboe Clear Europe reverse repurchase and other ​ ​ 90.6 ​ ​ 4.1 ​ ​ — ​ ​ 94.7 Cboe Clear Digital customer bank deposits ​ ​ 19.7 ​ ​ — ​ ​ — ​ ​ 19.7 Total cash margin deposits, clearing funds, and interoperability funds ​ $ 848.0 ​ $ 179.6 ​ $ 517.0 ​ $ 1,544.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ ​ Margin Deposits Clearing Funds Interoperability Funds Total Cboe Clear Europe non-cash contributions (1) ​ $ 738.9 ​ $ 62.4 ​ $ 292.8 ​ $ 1,094.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Margin Deposits Clearing Funds Interoperability Funds Total Cboe Clear Europe central bank account ​ $ 361.3 ​ $ 140.1 ​ $ 271.0 ​ $ 772.4 Cboe Clear Europe reverse repurchase and other ​ ​ 2.7 ​ ​ 4.1 ​ ​ 55.6 ​ ​ 62.4 Cboe Clear Digital customer bank deposits ​ ​ 14.0 ​ ​ — ​ ​ — ​ ​ 14.0 Total cash margin deposits, clearing funds, and interoperability funds ​ $ 378.0 ​ $ 144.2 ​ $ 326.6 ​ $ 848.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Margin Deposits Clearing Funds Interoperability Funds Total Cboe Clear Europe non-cash contributions (1) ​ $ 637.0 ​ $ 65.6 ​ $ 228.0 ​ $ 930.6 (1) These amounts are not reflected in the condensed consolidated balance sheets, as Cboe Clear Europe does not have the ability to sell or repledge the amounts absent a clearing participant default.
Schedule of total digital assets - safeguarded assets and liabilities	The following depicts the Company’s valuation of digital assets – safeguarded assets and safeguarded liabilities as of March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 Digital Asset ​ Number of Units Valuation per Unit Fair Value (in millions) Bitcoin ("BTC") ​ ​ 884 ​ $ 70,848 ​ $ 62.7 Ethereum ("ETH") ​ ​ 7,723 ​ ​ 3,633 ​ ​ 28.1 Litecoin ("LTC") ​ ​ 14,050 ​ ​ 106 ​ ​ 1.5 Bitcoin Cash ("BCH") ​ ​ 631 ​ ​ 680 ​ ​ 0.4 USD Coin ("USDC") ​ ​ 635,149 ​ ​ 1 ​ ​ 0.6 Total ​ ​ ​ ​ ​ ​ ​ $ 93.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 Digital Asset ​ Number of Units Valuation per Unit Fair Value (in millions) Bitcoin ("BTC") ​ ​ 821 ​ $ 42,492 ​ $ 34.9 Ethereum ("ETH") ​ ​ 6,270 ​ ​ 2,282 ​ ​ 14.3 Litecoin ("LTC") ​ ​ 16,329 ​ ​ 74 ​ ​ 1.2 Bitcoin Cash ("BCH") ​ ​ 1,374 ​ ​ 261 ​ ​ 0.4 USD Coin ("USDC") ​ ​ 506,652 ​ ​ 1 ​ ​ 0.5 Total ​ ​ ​ ​ ​ ​ ​ $ 51.3 ​

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	3 Months Ended
	Mar. 31, 2024
FAIR VALUE MEASUREMENT
Schedule of fair value hierarchy for assets and liabilities measured at fair value on a recurring basis	The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities (1) ​ $ 23.6 ​ $ 23.6 ​ $ — ​ $ — Marketable securities (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds ​ ​ 15.9 ​ ​ 15.9 ​ ​ — ​ ​ — Money market funds ​ 19.3 ​ 19.3 ​ — ​ — Digital assets - safeguarded assets ​ ​ 93.3 ​ ​ — ​ ​ 93.3 ​ ​ — Total assets ​ $ 152.1 ​ $ 58.8 ​ $ 93.3 ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 8.8 ​ $ — ​ $ — ​ $ 8.8 Digital assets - safeguarded liabilities ​ ​ 93.3 ​ ​ — ​ ​ 93.3 ​ ​ — Cboe Digital restricted common units liability (2) ​ ​ 18.4 ​ ​ — ​ ​ — ​ ​ 18.4 Cboe Digital warrant liability (2) ​ ​ 5.8 ​ ​ — ​ ​ — ​ ​ 5.8 Total liabilities ​ $ 126.3 ​ $ — ​ $ 93.3 ​ $ 33.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities (1) ​ $ 20.8 ​ $ 20.8 ​ $ — ​ $ — Marketable securities (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mutual funds ​ ​ 17.1 ​ ​ 17.1 ​ ​ — ​ ​ — Money market funds ​ ​ 19.6 ​ ​ 19.6 ​ ​ — ​ ​ — Digital assets - safeguarded assets ​ ​ 51.3 ​ ​ — ​ ​ 51.3 ​ ​ — Total assets ​ $ 108.8 ​ $ 57.5 ​ $ 51.3 ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 11.8 ​ $ — ​ $ — ​ $ 11.8 Digital assets - safeguarded liabilities ​ ​ 51.3 ​ ​ — ​ ​ 51.3 ​ ​ — Cboe Digital restricted common units liability (2) ​ ​ 18.7 ​ ​ — ​ ​ — ​ ​ 18.7 Cboe Digital warrant liability (2) ​ ​ 5.9 ​ ​ — ​ ​ — ​ ​ 5.9 Total liabilities ​ $ 87.7 ​ $ — ​ $ 51.3 ​ $ 36.4 (1) These amounts are reflected within financial investments in the condensed consolidated balance sheets. (2) These amounts are reflected within other non-current liabilities in the condensed consolidated balance sheets.
Schedule of fair value hierarchy for assets and liabilities measured on a nonrecurring basis	The following tables present the Company’s fair value hierarchy for certain assets and liabilities held by the Company as of March 31, 2024 and December 31, 2023 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities (1) ​ $ 23.6 ​ $ 23.6 ​ $ — ​ $ — Deferred compensation plan assets (1) ​ ​ 35.2 ​ ​ 35.2 ​ ​ — ​ ​ — Digital assets - safeguarded assets ​ ​ 93.3 ​ ​ — ​ ​ 93.3 ​ ​ — Digital assets held (2) ​ ​ 0.1 ​ ​ 0.1 ​ ​ — ​ ​ — Total assets ​ $ 152.2 ​ $ 58.9 ​ $ 93.3 ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 8.8 ​ $ — ​ $ — ​ $ 8.8 Deferred compensation plan liabilities (3) ​ ​ 35.2 ​ ​ 35.2 ​ ​ — ​ ​ — Digital assets - safeguarded liabilities ​ ​ 93.3 ​ ​ — ​ ​ 93.3 ​ ​ — Cboe Digital restricted common units liability (3) ​ ​ 18.4 ​ ​ — ​ ​ — ​ ​ 18.4 Cboe Digital warrant liability (3) ​ ​ 5.8 ​ ​ — ​ ​ — ​ ​ 5.8 Debt ​ 1,301.6 ​ — ​ 1,301.6 ​ ​ — Total liabilities ​ $ 1,463.1 ​ $ 35.2 ​ $ 1,394.9 ​ $ 33.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ Total Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities (1) ​ $ 20.8 ​ $ 20.8 ​ $ — ​ $ — Deferred compensation plan assets (1) ​ 36.7 ​ 36.7 ​ — ​ — Digital assets - safeguarded assets ​ ​ 51.3 ​ ​ — ​ ​ 51.3 ​ ​ — Digital assets held (2) ​ ​ 0.1 ​ ​ 0.1 ​ ​ — ​ ​ — Total assets ​ $ 108.9 ​ $ 57.6 ​ $ 51.3 ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities ​ $ 11.8 ​ $ — ​ $ — ​ $ 11.8 Deferred compensation plan liabilities (3) ​ ​ 36.7 ​ ​ 36.7 ​ ​ — ​ ​ — Digital assets - safeguarded liabilities ​ ​ 51.3 ​ ​ — ​ ​ 51.3 ​ ​ — Cboe Digital restricted common units liability (3) ​ ​ 18.7 ​ ​ — ​ ​ — ​ ​ 18.7 Cboe Digital warrant liability (3) ​ ​ 5.9 ​ ​ — ​ ​ — ​ ​ 5.9 Debt ​ 1,305.7 ​ — ​ 1,305.7 ​ — Total liabilities ​ $ 1,430.1 ​ $ 36.7 ​ $ 1,357.0 ​ $ 36.4 (1) These amounts are reflected within financial investments in the condensed consolidated balance sheets. (2) These amounts are reflected within intangible assets, net in the condensed consolidated balance sheets. (3) These amounts are reflected within other non-current liabilities in the condensed consolidated balance sheets.
Schedule of fair value of debt obligation	​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ March 31, 2024 ​ December 31, 2023 3.650% Senior Notes $ 630.5 ​ $ 628.5 1.625% Senior Notes ​ 409.5 ​ ​ 412.7 3.000% Senior Notes ​ 261.6 ​ ​ 264.5
Summary of changes in the fair value of Level 3 financial liabilities	The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities during the three months ended March 31, 2024 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 3 Financial Liabilities for the Three Months Ended March 31, 2024 ​ ​ Balance at ​ Realized (Gains) ​ ​ ​ ​ ​ ​ ​ Foreign ​ Balance at ​ ​ Beginning of ​ Losses during ​ ​ ​ ​ ​ ​ ​ Currency ​ End of ​ Period Period Adjustments Additions Settlements ​ Translation Period Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contingent consideration liabilities $ 11.8 ​ $ — ​ $ — ​ $ — $ (3.0) ​ $ — ​ $ 8.8 Cboe Digital restricted common units liability ​ ​ 18.7 ​ ​ (0.3) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 18.4 Cboe Digital warrant liability ​ 5.9 ​ ​ (0.1) ​ ​ — ​ ​ — ​ — ​ ​ — ​ 5.8 Total liabilities ​ $ 36.4 ​ $ (0.4) ​ $ — ​ $ — ​ $ (3.0) ​ $ — ​ $ 33.0 ​

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2024
SEGMENT REPORTING
Summarized financial data of reportable segments	Summarized financial data of reportable segments was as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North Europe ​ ​ ​ Corporate ​ ​ ​ ​ ​ American ​ and Asia ​ ​ ​ ​ ​ ​ ​ Items and ​ ​ ​ Options Equities Pacific Futures Global FX Digital Eliminations Total Three Months Ended March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 477.4 ​ $ 349.6 ​ $ 80.7 ​ $ 31.4 ​ $ 18.8 ​ $ (0.7) ​ $ — ​ $ 957.2 Operating income (loss) ​ 216.8 ​ ​ 38.0 ​ ​ 10.2 ​ ​ 22.1 ​ ​ 6.6 ​ ​ (10.2) ​ ​ (1.1) ​ ​ 282.4 Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 486.1 ​ $ 379.8 ​ $ 72.3 ​ $ 32.1 ​ $ 18.8 ​ $ (0.9) ​ $ — ​ $ 988.2 Operating income (loss) ​ 201.0 ​ ​ 28.4 ​ ​ 11.3 ​ ​ 20.9 ​ ​ 4.7 ​ ​ (11.4) ​ ​ (7.0) ​ ​ 247.9
Schedule of revenues less cost of revenues by primary jurisdiction	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ Non-U.S. ​ Total Revenues less cost of revenues: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2024 $ 436.5 ​ $ 65.6 ​ $ 502.1 Three months ended March 31, 2023 ​ 415.9 ​ ​ 55.5 ​ ​ 471.4 ​

REGULATORY CAPITAL (Tables)

REGULATORY CAPITAL (Tables)	3 Months Ended
	Mar. 31, 2024
REGULATORY CAPITAL
Schedule of actual and minimum regulatory capital requirements of the subsidiary	The following table presents the Company’s subsidiaries with regulatory capital requirements discussed above, as well as the actual and minimum regulatory capital requirements of the subsidiary as of March 31, 2024 (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Subsidiary ​ Regulatory Authority ​ Actual ​ Requirement Cboe Trading ​ FINRA/SEC ​ $ 12.3 ​ $ 1.0 BIDS Trading ​ FINRA/SEC ​ ​ 1.5 ​ ​ 0.4 Cboe Fixed Income ​ FINRA/SEC ​ ​ 5.9 ​ ​ 0.1 Cboe Europe ​ FCA ​ ​ 61.7 ​ ​ 29.1 Cboe Chi-X Europe ​ FCA ​ ​ 0.1 ​ ​ 0.1 Cboe NL ​ Dutch Authority for Financial Markets ​ ​ 17.9 ​ ​ 7.3 Cboe Clear Europe ​ DNB ​ ​ 87.2 ​ ​ 48.0 CFE ​ CFTC ​ ​ 59.9 ​ ​ 38.7 Cboe SEF ​ CFTC ​ ​ 2.4 ​ ​ 2.1 Cboe Digital Exchange ​ CFTC ​ ​ 44.5 ​ ​ 5.6 Cboe Clear Digital ​ CFTC ​ ​ 32.7 ​ ​ 5.7 Cboe Australia ​ ASIC ​ ​ 12.5 ​ ​ 4.9 Cboe Japan ​ JFSA ​ ​ 8.5 ​ ​ 4.3 ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
Stock-based Compensation
Summary of restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ average grant ​ Shares date fair value Nonvested stock at December 31, 2023 638,181 ​ $ 125.25 Granted 210,722 ​ ​ 183.12 Vested (232,632) ​ ​ 113.37 Forfeited (3,079) ​ ​ 128.70 Nonvested stock at March 31, 2024 613,192 ​ $ 149.63
Summary of performance-based restricted stock units activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ average grant ​ Shares date fair value Nonvested stock at December 31, 2023 134,484 ​ $ 127.72 Granted 86,996 ​ ​ 145.21 Vested (110,376) ​ ​ 100.50 Forfeited — ​ ​ — Nonvested stock at March 31, 2024 111,104 ​ $ 168.45
Cboe Digital Restricted Common Units
Stock-based Compensation
Summary of stock option/warrant activity	The following table summarizes the option activity during the three months ended March 31, 2024 (in millions, except number of units and contractual term): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ Number of ​ average exercise ​ Aggregate ​ average remaining ​ Units price intrinsic value contractual term Outstanding at December 31, 2023 185 ​ $ 0.3 ​ $ — 5 years Granted — ​ ​ — ​ ​ — ​ Vested — ​ ​ — ​ ​ — ​ Outstanding at March 31, 2024 185 ​ $ 0.3 ​ $ — 5 years
Cboe Digital Warrant Units
Stock-based Compensation
Summary of stock option/warrant activity	The following table summarizes the Warrant Unit activity during the three months ended March 31, 2024 (in millions, except number of units): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ average exercise ​ Units price Outstanding and exercisable at December 31, 2023 ​ 40 ​ $ 0.2 Outstanding at December 31, 2023 80 ​ ​ 0.2 Granted — ​ ​ — Vested — ​ ​ — Outstanding and exercisable at March 31, 2024 ​ 40 ​ ​ 0.2 Outstanding at March 31, 2024 80 ​ $ 0.2

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2024
EQUITY
Summary of repurchased shares of the company's common stock under the share repurchase program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Number of shares of common stock repurchased ​ 489,686 ​ ​ 567,073 Average price paid per share $ 182.26 ​ $ 123.42 Total purchase price (in millions) $ 89.3 ​ $ 70.0

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
EARNINGS PER SHARE
Reconciliation of basic and diluted net income per common share	The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023 (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Basic earnings per share numerator: ​ ​ ​ ​ ​ ​ Net income ​ $ 209.5 ​ $ 173.4 Net income allocated to participating securities ​ (1.2) ​ (0.8) Net income allocated to common stockholders ​ $ 208.3 ​ $ 172.6 Basic earnings per share denominator: ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ ​ 105.6 ​ ​ 105.9 Basic earnings per share ​ $ 1.97 ​ $ 1.63 ​ ​ ​ ​ ​ ​ ​ Diluted earnings per share numerator: ​ ​ ​ ​ ​ ​ Net income ​ $ 209.5 ​ $ 173.4 Net income allocated to participating securities ​ (1.2) ​ (0.8) Net income allocated to common stockholders ​ $ 208.3 ​ $ 172.6 Diluted earnings per share denominator: ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ ​ 105.6 ​ ​ 105.9 Dilutive common shares issued under stock program ​ ​ 0.5 ​ ​ 0.3 Total dilutive weighted average shares ​ ​ 106.1 ​ ​ 106.2 Diluted earnings per share ​ $ 1.96 ​ $ 1.63

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2024
LEASES.
Schedule of supplemental balance sheet information related to leases	The following table presents the supplemental balance sheet information related to leases as of March 31, 2024 and December 31, 2023, respectively (in millions): ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 ​ 2023 Operating lease right of use assets $ 130.6 ​ $ 136.6 Total leased assets $ 130.6 ​ $ 136.6 ​ ​ ​ ​ Current operating lease liabilities (1) $ 21.0 ​ $ 20.8 Non-current operating lease liabilities ​ 144.3 ​ ​ 150.8 Total leased liabilities $ 165.3 ​ $ 171.6 (1) These amounts are reflected within accounts payable and accrued liabilities in the condensed consolidated balance sheets.
Schedule of lease cost and other information	The following table presents operating lease costs and other information as of and for the three months ended March 31, 2024 and 2023, respectively (in millions, except as stated): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2024 ​ ​ 2023 ​ Operating lease costs (1) $ 9.1 ​ ​ $ 8.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease term and discount rate information: ​ ​ ​ ​ ​ ​ ​ Weighted average remaining lease term (years) ​ 8.4 ​ ​ ​ 10.0 ​ Weighted average discount rate ​ 3.4 % ​ ​ 3.1 % ​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information and non-cash activity: ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities $ 6.8 ​ ​ $ 6.4 ​ Right of use assets obtained in exchange for lease liabilities ​ — ​ ​ ​ 3.3 ​ (1) Includes short-term lease and variable lease costs, which are immaterial.
Schedule of maturities of lease liabilities	​ The maturities of the lease liabilities are as follows as of March 31, 2024 (in millions): ​ ​ ​ ​ ​ ​ March 31, ​ 2024 Remainder of 2024 ​ $ 19.3 2025 ​ ​ 26.1 2026 ​ ​ 27.3 2027 ​ ​ 23.0 2028 ​ ​ 20.8 After 2028 ​ 75.5 Total lease payments (1) ​ $ 192.0 Less: Interest ​ ​ (26.7) Present value of lease liabilities ​ $ 165.3 (1) Total lease payments include $13.8 million related to options to extend lease terms that are reasonably certain of being exercised.

ORGANIZATION AND BASIS OF PRE_3

ORGANIZATION AND BASIS OF PRESENTATION (Details)	3 Months Ended
	Mar. 31, 2024 segment
ORGANIZATION AND BASIS OF PRESENTATION
Number of reportable segments	6

REVENUE RECOGNITION - Revenue b

REVENUE RECOGNITION - Revenue by product line and Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) segment item	Mar. 31, 2023 USD ($)
Segment Reporting Information
Number of types of regulatory fees the Company recognizes | item	2
Revenues	$ 957.2	$ 988.2
Number of reportable segments | segment	6
Services transferred at a point in time
Segment Reporting Information
Revenues	$ 795.1	833.1
Services transferred over time
Segment Reporting Information
Revenues	162.1	155.1
Options | Operating Segments
Segment Reporting Information
Revenues	477.4	486.1
Options | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	406.6	419.2
Options | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	70.8	66.9
North American Equities | Operating Segments
Segment Reporting Information
Revenues	349.6	379.8
North American Equities | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	289.2	319.5
North American Equities | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	60.4	60.3
Europe and Asia Pacific | Operating Segments
Segment Reporting Information
Revenues	80.7	72.3
Europe and Asia Pacific | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	60.9	54.7
Europe and Asia Pacific | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	19.8	17.6
Futures | Operating Segments
Segment Reporting Information
Revenues	31.4	32.1
Futures | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	23.5	24.8
Futures | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	7.9	7.3
Global FX | Operating Segments
Segment Reporting Information
Revenues	18.8	18.8
Global FX | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	15.7	15.9
Global FX | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	3.1	2.9
Digital | Operating Segments
Segment Reporting Information
Revenues	(0.7)	(0.9)
Digital | Operating Segments | Services transferred at a point in time
Segment Reporting Information
Revenues	(0.8)	(1)
Digital | Operating Segments | Services transferred over time
Segment Reporting Information
Revenues	0.1	0.1
Transaction and clearing fees
Segment Reporting Information
Revenues	718.5	732.5
Transaction and clearing fees | Options | Operating Segments
Segment Reporting Information
Revenues	389.8	395.8
Transaction and clearing fees | North American Equities | Operating Segments
Segment Reporting Information
Revenues	251.7	255
Transaction and clearing fees | Europe and Asia Pacific | Operating Segments
Segment Reporting Information
Revenues	38.8	42.1
Transaction and clearing fees | Futures | Operating Segments
Segment Reporting Information
Revenues	23.5	24.8
Transaction and clearing fees | Global FX | Operating Segments
Segment Reporting Information
Revenues	15.5	15.8
Transaction and clearing fees | Digital | Operating Segments
Segment Reporting Information
Revenues	(0.8)	(1)
Access and capacity fees
Segment Reporting Information
Revenues	90.1	84.2
Access and capacity fees | Options | Operating Segments
Segment Reporting Information
Revenues	41.7	38.9
Access and capacity fees | North American Equities | Operating Segments
Segment Reporting Information
Revenues	29.7	28.4
Access and capacity fees | Europe and Asia Pacific | Operating Segments
Segment Reporting Information
Revenues	10.1	8.9
Access and capacity fees | Futures | Operating Segments
Segment Reporting Information
Revenues	5.7	5.3
Access and capacity fees | Global FX | Operating Segments
Segment Reporting Information
Revenues	2.8	2.6
Access and capacity fees | Digital | Operating Segments
Segment Reporting Information
Revenues	0.1	0.1
Market data fees
Segment Reporting Information
Revenues	72	70.9
Market data fees | Options | Operating Segments
Segment Reporting Information
Revenues	29.1	28
Market data fees | North American Equities | Operating Segments
Segment Reporting Information
Revenues	30.7	31.9
Market data fees | Europe and Asia Pacific | Operating Segments
Segment Reporting Information
Revenues	9.7	8.7
Market data fees | Futures | Operating Segments
Segment Reporting Information
Revenues	2.2	2
Market data fees | Global FX | Operating Segments
Segment Reporting Information
Revenues	0.3	0.3
Regulatory fees
Segment Reporting Information
Revenues	50.2	84.5
Regulatory fees | Options | Operating Segments
Segment Reporting Information
Revenues	15.3	21.9
Regulatory fees | North American Equities | Operating Segments
Segment Reporting Information
Revenues	34.9	62.6
Other revenue
Segment Reporting Information
Revenues	26.4	16.1
Other revenue | Options | Operating Segments
Segment Reporting Information
Revenues	1.5	1.5
Other revenue | North American Equities | Operating Segments
Segment Reporting Information
Revenues	2.6	1.9
Other revenue | Europe and Asia Pacific | Operating Segments
Segment Reporting Information
Revenues	22.1	12.6
Other revenue | Global FX | Operating Segments
Segment Reporting Information
Revenues	0.2	0.1
Cash and spot markets
Segment Reporting Information
Revenues	380.9	407
Cash and spot markets | Transaction and clearing fees
Segment Reporting Information
Revenues	305.2	311.9
Cash and spot markets | Market data fees
Segment Reporting Information
Revenues	16	17.9
Cash and spot markets | Regulatory fees
Segment Reporting Information
Revenues	34.9	62.6
Cash and spot markets | Other revenue
Segment Reporting Information
Revenues	24.8	14.6
Data and access solutions
Segment Reporting Information
Revenues	140.2	129.4
Data and access solutions | Access and capacity fees
Segment Reporting Information
Revenues	90.1	84.2
Data and access solutions | Market data fees
Segment Reporting Information
Revenues	49.3	44.5
Data and access solutions | Other revenue
Segment Reporting Information
Revenues	0.8	0.7
Derivatives markets
Segment Reporting Information
Revenues	436.1	451.8
Derivatives markets | Transaction and clearing fees
Segment Reporting Information
Revenues	413.3	420.6
Derivatives markets | Market data fees
Segment Reporting Information
Revenues	6.7	8.5
Derivatives markets | Regulatory fees
Segment Reporting Information
Revenues	15.3	21.9
Derivatives markets | Other revenue
Segment Reporting Information
Revenues	$ 0.8	$ 0.8

REVENUE RECOGNITION - Rollforwa

REVENUE RECOGNITION - Rollforward of deferred revenue (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Revenue recognized from contract liabilities and remaining balance
Beginning Balance	$ 6.1
Cash Additions	14.5
Revenue Recognized	(7.5)
Ending Balance	13.1
Liquidity provider sliding scale
Revenue recognized from contract liabilities and remaining balance
Cash Additions	7.2
Revenue Recognized	(1.8)
Ending Balance	5.4
Other, net
Revenue recognized from contract liabilities and remaining balance
Beginning Balance	6.1
Cash Additions	7.3
Revenue Recognized	(5.7)
Ending Balance	$ 7.7

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
ACQUISITIONS
Acquisition-related costs	$ 0.6	$ 6.4

INVESTMENTS - Schedule of inves

INVESTMENTS - Schedule of investments and Other Equity Investments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule of Cost and Equity Method Investments
Total equity method investments	$ 307.5	$ 292
Total other equity investments	54.3	53.3
Total investments	361.8	345.3
7Ridge Fund
Schedule of Cost and Equity Method Investments
Total equity method investments	307.5	292
Investment in Eris Innovations Holdings, LLC
Schedule of Cost and Equity Method Investments
Total other equity investments	20	20
Investment in Globacap Technology Limited
Schedule of Cost and Equity Method Investments
Total other equity investments	16	16
Investment in CSD Br
Schedule of Cost and Equity Method Investments
Total other equity investments	5.9	5.9
Investment in Coin Metrics Inc.
Schedule of Cost and Equity Method Investments
Total other equity investments	5	5
Investment in Cboe Vest Financial Group, Inc.
Schedule of Cost and Equity Method Investments
Total other equity investments	2.9	2.9
Investment in OCC
Schedule of Cost and Equity Method Investments
Total other equity investments	0.3	0.3
Other equity investments
Schedule of Cost and Equity Method Investments
Total other equity investments	$ 4.2	$ 3.2

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property and Equipment, Net
Total property and equipment	$ 327.8		$ 324.4
Less accumulated depreciation	(221.8)		(215.2)
Property and equipment, net	106		109.2
Depreciation expense	8.6	$ 8.5
Construction in progress
Property and Equipment, Net
Total property and equipment	3.2		1.5
Furniture and equipment
Property and Equipment, Net
Total property and equipment	$ 324.6		$ 322.9

PROPERTY AND EQUIPMENT, NET - F

PROPERTY AND EQUIPMENT, NET - Former headquarters location (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET
Property held for sale	$ 8.7	$ 8.7

CREDIT LOSSES (Details)

CREDIT LOSSES (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) item
Credit losses
Number of exchanges | item	6
Allowance balance at beginning of period	$ 34.6
Current period provision for expected credit losses	1.5
Write-offs charged against the allowance	(0.4)
Allowance balance at end of period	35.7
Notes receivable
Credit losses
Allowance balance at beginning of period	30.1
Allowance balance at end of period	30.1
Accounts receivable
Credit losses
Allowance balance at beginning of period	4.5
Current period provision for expected credit losses	1.5
Write-offs charged against the allowance	(0.4)
Allowance balance at end of period	$ 5.6

OTHER ASSETS, NET (Details)

OTHER ASSETS, NET (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Intangible Assets
Less accumulated depreciation and amortization	$ (91)		$ (88.3)
Data processing software, net	41.3		43.3
Other assets	168.1		163
Total other assets, net	209.4		206.3
Notes receivable, net	142.6		136.9
Contra-revenue assets	17		18.1
Amortization expense	26.2	$ 30.9
Software development work in progress
Intangible Assets
Software	4.8		3.5
Data processing software
Intangible Assets
Software	127.5		$ 128.1
Amortization expense	$ 2.5	$ 2

GOODWILL, INTANGIBLE ASSETS, _3

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Goodwill by segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill
Balance at beginning of the period	$ 3,140.6
Changes in foreign currency exchange rates	(6.8)
Balance at end of the period	3,133.8
Deferred tax benefit	1.7	$ 10.6
Carrying value of investments	361.8		$ 345.3
Options
Goodwill
Balance at beginning of the period	305.8
Balance at end of the period	305.8
North American Equities
Goodwill
Balance at beginning of the period	2,004.4
Changes in foreign currency exchange rates	(3.6)
Balance at end of the period	2,000.8
Europe and Asia Pacific
Goodwill
Balance at beginning of the period	563.2
Changes in foreign currency exchange rates	(3.2)
Balance at end of the period	560
Global FX
Goodwill
Balance at beginning of the period	267.2
Balance at end of the period	267.2
Futures
Goodwill
Balance at end of the period	$ 0

GOODWILL, INTANGIBLE ASSETS, _4

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Intangible assets by segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Intangible Assets
Balance at beginning of the period	$ 1,561.5
Amortization	(26.2)	$ (30.9)
Changes in foreign currency exchange rates	(8.6)
Balance at end of the period	1,526.7
Options
Intangible Assets
Balance at beginning of the period	134.1
Amortization	(2.5)
Balance at end of the period	131.6
North American Equities
Intangible Assets
Balance at beginning of the period	935.3
Amortization	(13.7)
Changes in foreign currency exchange rates	(1.7)
Balance at end of the period	919.9
Europe and Asia Pacific
Intangible Assets
Balance at beginning of the period	352.5
Amortization	(4.6)
Changes in foreign currency exchange rates	(6.9)
Balance at end of the period	341
Global FX
Intangible Assets
Balance at beginning of the period	56.2
Amortization	(3.6)
Balance at end of the period	52.6
Digital
Intangible Assets
Balance at beginning of the period	83.4
Amortization	(1.8)
Balance at end of the period	$ 81.6

GOODWILL, INTANGIBLE ASSETS, _5

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Estimated Future Amortization (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD
Amortization expense	$ 26.2	$ 30.9
Amortization expense
Future amortization expense, remainder of 2024	67.2
2025	76.9
2026	69.7
2027	62.9
2028	$ 57.3

GOODWILL, INTANGIBLE ASSETS, _6

GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD - Intangible assets by category (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Intangible Assets
Intangible assets, net	$ 1,526.7	$ 1,561.5
Customer relationships | Weighted Average
Intangible Assets
Amortization period (in years)	15 years	15 years
Market data customer relationships | Weighted Average
Intangible Assets
Amortization period (in years)	8 years	8 years
Technology | Weighted Average
Intangible Assets
Amortization period (in years)	7 years	7 years
Trademarks and tradenames | Weighted Average
Intangible Assets
Amortization period (in years)	6 years	6 years
Options
Intangible Assets
Accumulated amortization	$ (105.1)	$ (102.6)
Intangible assets, net	131.6	134.1
Options | Customer relationships
Intangible Assets
Finite-lived intangible assets, gross	46.6	46.6
Options | Market data customer relationships
Intangible Assets
Finite-lived intangible assets, gross	53.6	53.6
Options | Technology
Intangible Assets
Finite-lived intangible assets, gross	28.1	28.1
Options | Trademarks and tradenames
Intangible Assets
Finite-lived intangible assets, gross	12.9	12.9
Options | Trading registrations and licenses
Intangible Assets
Indefinite-lived intangible assets, gross	95.5	95.5
North American Equities
Intangible Assets
Accumulated amortization	(485)	(471.7)
Intangible assets, net	919.9	935.3
North American Equities | Customer relationships
Intangible Assets
Finite-lived intangible assets, gross	412.8	413.9
North American Equities | Market data customer relationships
Intangible Assets
Finite-lived intangible assets, gross	322	322
North American Equities | Technology
Intangible Assets
Finite-lived intangible assets, gross	56.5	56.9
North American Equities | Trademarks and tradenames
Intangible Assets
Finite-lived intangible assets, gross	8.2	8.2
North American Equities | Trading registrations and licenses
Intangible Assets
Indefinite-lived intangible assets, gross	605.4	606
Europe and Asia Pacific
Intangible Assets
Accumulated amortization	(173.8)	(171.4)
Intangible assets, net	341	352.5
Europe and Asia Pacific | Customer relationships
Intangible Assets
Finite-lived intangible assets, gross	211.3	216.1
Europe and Asia Pacific | Market data customer relationships
Intangible Assets
Finite-lived intangible assets, gross	60.9	61.6
Europe and Asia Pacific | Technology
Intangible Assets
Finite-lived intangible assets, gross	33.8	34.2
Europe and Asia Pacific | Trademarks and tradenames
Intangible Assets
Finite-lived intangible assets, gross	2.4	2.4
Europe and Asia Pacific | Trading registrations and licenses
Intangible Assets
Indefinite-lived intangible assets, gross	206.4	209.6
Global FX
Intangible Assets
Accumulated amortization	(175.5)	(171.9)
Intangible assets, net	52.6	56.2
Global FX | Customer relationships
Intangible Assets
Finite-lived intangible assets, gross	140	140
Global FX | Market data customer relationships
Intangible Assets
Finite-lived intangible assets, gross	64.4	64.4
Global FX | Technology
Intangible Assets
Finite-lived intangible assets, gross	22.5	22.5
Global FX | Trademarks and tradenames
Intangible Assets
Finite-lived intangible assets, gross	1.2	1.2
Digital
Intangible Assets
Accumulated amortization	(13.5)	(11.7)
Intangible assets, net	81.6	83.4
Digital | Technology
Intangible Assets
Finite-lived intangible assets, gross	70	70
Digital | Trading registrations and licenses
Intangible Assets
Indefinite-lived intangible assets, gross	25	25
Digital | Digital assets held
Intangible Assets
Indefinite-lived intangible assets, gross	$ 0.1	$ 0.1

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Compensation and benefit-related liabilities	$ 30.5	$ 77.1
Royalties	43.3	44.9
Accrued liabilities	88.8	70.3
Current operating lease liabilities	21	20.8
Rebates payable	81.6	75.1
Marketing fee payable	18.9	17.5
Current unrecognized tax benefits	9.3	82.3
Accounts payable	11.3	24.7
Total accounts payable and accrued liabilities	$ 304.7	$ 412.7

DEBT - Schedule of long-term de

DEBT - Schedule of long-term debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 16, 2022	Dec. 15, 2020	Jan. 12, 2017
Debt Instrument
Total debt	$ 1,439.6	$ 1,439.2
Debt issuance costs	(5.7)
3.650% Senior Notes due January 2027
Debt Instrument
Total debt	648.1	647.9
Debt instrument face amount	$ 650	$ 650			$ 650
Interest rate (as a percent)	3.65%	3.65%			3.65%
1.625% Senior Notes due December 2030
Debt Instrument
Total debt	$ 495	$ 494.8
Debt instrument face amount	$ 500	$ 500		$ 500
Interest rate (as a percent)	1.625%	1.625%		1.625%
3.000% Senior Notes due March 2032
Debt Instrument
Total debt	$ 296.5	$ 296.5
Debt instrument face amount	$ 300	$ 300	$ 300
Interest rate (as a percent)	3%	3%	3%
Revolving Credit Agreement
Debt Instrument
Total debt	$ 0

DEBT (Details)

DEBT (Details) € in Millions, $ in Millions			3 Months Ended
	Feb. 25, 2022 USD ($) subsidiary	Jul. 01, 2020 USD ($)	Mar. 31, 2024 USD ($) subsidiary	Mar. 31, 2024 EUR (€) subsidiary	Dec. 31, 2023 USD ($)	Mar. 16, 2022 USD ($)	Dec. 15, 2020 USD ($)	Jul. 01, 2020 EUR (€)	Jan. 12, 2017 USD ($)
Debt Instrument
Borrowings outstanding			$ 1,439.6		$ 1,439.2
3.650% Senior Notes due January 2027
Debt Instrument
Debt instrument face amount			$ 650		$ 650				$ 650
Interest rate (as a percent)			3.65%	3.65%	3.65%				3.65%
Borrowings outstanding			$ 648.1		$ 647.9
1.625% Senior Notes due December 2030
Debt Instrument
Debt instrument face amount			$ 500		$ 500		$ 500
Interest rate (as a percent)			1.625%	1.625%	1.625%		1.625%
Borrowings outstanding			$ 495		$ 494.8
3.000% Senior Notes due March 2032
Debt Instrument
Debt instrument face amount			$ 300		$ 300	$ 300
Interest rate (as a percent)			3%	3%	3%	3%
Borrowings outstanding			$ 296.5		$ 296.5
Senior Notes
Debt Instrument
Redemption price			101%
Revolving Credit Agreement
Debt Instrument
Minimum consolidated interest ratio			4
Maximum consolidated leverage ratio			3.50	3.50
Minimum consolidated interest ratio, scenario one			4.25
Minimum consolidated interest ratio, scenario two			4
Credit agreement, maximum borrowing capacity	$ 400
Term of agreement	3 years
Maximum borrowing capacity, increase limit	$ 200
Maximum borrowing capacity, total with increase	$ 600
Number of subsidiaries designated as additional borrowers | subsidiary			0	0
Borrowings outstanding			$ 0
Borrowing capacity available			$ 400
Revolving Credit Agreement | Minimum
Debt Instrument
Interest rate margin (as a percent)			0.75%
Number of subsidiaries that may be designated as additional borrowers | subsidiary	1
Revolving Credit Agreement | Maximum
Debt Instrument
Interest rate margin (as a percent)			1.25%
Revolving Credit Agreement | Prime Rate | Minimum
Debt Instrument
Interest rate margin (as a percent)			0%
Revolving Credit Agreement | Prime Rate | Maximum
Debt Instrument
Interest rate margin (as a percent)			0.25%
Revolving Credit Agreement | Floor Rate
Debt Instrument
Interest rate margin (as a percent)			1%
Revolving Credit Agreement | Dollars SFOR
Debt Instrument
Interest rate margin (as a percent)			0.10%
Revolving Credit Agreement | Sterling SONIA
Debt Instrument
Interest rate margin (as a percent)			0.0326%
Revolving Credit Agreement | Euros EURIBOR
Debt Instrument
Interest rate margin (as a percent)			0%
Revolving Credit Agreement | Swing Line Sub-Facility
Debt Instrument
Credit agreement, maximum borrowing capacity	$ 25
Cboe Clear Europe Credit Facility
Debt Instrument
Debt instrument face amount | €								€ 1,250
Maximum borrowing capacity, increase limit | €								500
Maximum borrowing capacity, total with increase | €								1,750
Borrowings outstanding | €				€ 0
Borrowing capacity available | €				€ 1,250
Debt instrument, threshold amount transferred to provider of settlement or custody services | €								500
Percentage of commitment fee		0.275%
Cboe Clear Europe Credit Facility | Minimum
Debt Instrument
Debt instrument, threshold net worth on each drawdown		$ 1,750
Debt instrument, amount to meet minimum liquidity regulations | €								€ 30
Cboe Clear Europe Credit Facility | Base Rate
Debt Instrument
Interest rate margin (as a percent)		1.60%
Cboe Clear Europe Credit Facility | Federal Funds Effective Rate
Debt Instrument
Interest rate margin (as a percent)		0.50%

DEBT - Debt repayments (Details

DEBT - Debt repayments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Long-term Debt
2027	$ 650
Thereafter	800
Principal amounts repayable	1,450
Debt issuance costs	(5.7)
Unamortized discounts on notes	(4.7)
Total debt outstanding	$ 1,439.6	$ 1,439.2

DEBT - Interest Expense (Detail

DEBT - Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt - components of interest expense
Contractual interest	$ 12.4	$ 16.4
Amortization of debt discount and issuance costs	0.6	0.7
Interest expense	13	17.1
Interest income	(4.1)	(2)
Interest expense, net	$ 8.9	$ 15.1

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS, NET (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Rollforward
Beginning balance	$ 3,985	$ 3,465.3
Other comprehensive (loss) income	(13.8)	18.8
Ending balance	4,024.1	3,538.7
Accumulated Other Comprehensive (Loss) Income, Net
AOCI Rollforward
Beginning balance	(9.4)	(31)
Other comprehensive (loss) income	(13.8)	18.8
Ending balance	(23.2)	$ (12.2)
Foreign Currency Translation Adjustment
AOCI Rollforward
Beginning balance	(5.6)
Other comprehensive (loss) income	(13.5)
Ending balance	(19.1)
Unrealized Investment Loss
AOCI Rollforward
Beginning balance	(3.7)
Other comprehensive (loss) income	(0.5)
Ending balance	(4.2)
Post-Retirement Benefits
AOCI Rollforward
Beginning balance	(0.1)
Other comprehensive (loss) income	0.2
Ending balance	$ 0.1

CLEARING OPERATIONS - Narrative

CLEARING OPERATIONS - Narrative (Details)	1 Months Ended	3 Months Ended
	Sep. 30, 2021 item	Mar. 31, 2024 item Counterparty
Clearing Operations
Number of clearing houses operated		2
Number of European markets	10	18
Cboe Clear Europe Credit Facility
Clearing Operations
Number of central counterparties with whom interoperable agreements are held | Counterparty		2
Default and liquid waterfalls regulatory capital		35%
Number of forms utilized for default waterfalls		2
Cboe Clear Europe Credit Facility | Scenario One
Clearing Operations
Default and liquid waterfalls regulatory capital		25%
Cboe Clear Europe Credit Facility | Scenario Two | Maximum
Clearing Operations
Default and liquid waterfalls regulatory capital		25%
Cboe Clear Europe Credit Facility | Scenario Two | Minimum
Clearing Operations
Default and liquid waterfalls regulatory capital		10%

CLEARING OPERATIONS - Clearing

CLEARING OPERATIONS - Clearing participant (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Clearing Operations
Cboe Clear Europe central bank account	$ 1,430.2	$ 772.4
Cboe Clear Europe reverse repurchase and other	94.7	62.4
Cboe Clear Digital customer bank deposits	19.7	14
Total cash margin deposits, clearing funds, and interoperability funds	1,544.6	848.8
Cboe Clear Europe non-cash contributions	1,094.1	930.6
Margin deposits
Clearing Operations
Cboe Clear Europe central bank account	737.7	361.3
Cboe Clear Europe reverse repurchase and other	90.6	2.7
Cboe Clear Digital customer bank deposits	19.7	14
Total cash margin deposits, clearing funds, and interoperability funds	848	378
Cboe Clear Europe non-cash contributions	738.9	637
Clearing funds
Clearing Operations
Cboe Clear Europe central bank account	175.5	140.1
Cboe Clear Europe reverse repurchase and other	4.1	4.1
Total cash margin deposits, clearing funds, and interoperability funds	179.6	144.2
Cboe Clear Europe non-cash contributions	62.4	65.6
Interoperability funds
Clearing Operations
Cboe Clear Europe central bank account	517	271
Cboe Clear Europe reverse repurchase and other		55.6
Total cash margin deposits, clearing funds, and interoperability funds	517	326.6
Cboe Clear Europe non-cash contributions	$ 292.8	$ 228

CLEARING OPERATIONS - Cboe Clea

CLEARING OPERATIONS - Cboe Clear Digital (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Clearing Operations
Interest on customer bank deposits	$ 0.3
Digital assets - safeguarded assets	93.3	$ 51.3
Cboe Clear Digital
Clearing Operations
Digital assets - safeguarded assets	$ 93.3	$ 51.3

CLEARING OPERATIONS - Valuation

CLEARING OPERATIONS - Valuation (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Fair Value	$ 93,300,000	$ 51,300,000
Bitcoin
Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units	884	821
Valuation per Unit	$ 70,848	$ 42,492
Fair Value	$ 62,700,000	$ 34,900,000
Ethereum
Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units	7,723	6,270
Valuation per Unit	$ 3,633	$ 2,282
Fair Value	$ 28,100,000	$ 14,300,000
Litecoin
Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units	14,050	16,329
Valuation per Unit	$ 106	$ 74
Fair Value	$ 1,500,000	$ 1,200,000
Bitcoin Cash
Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units	631	1,374
Valuation per Unit	$ 680	$ 261
Fair Value	$ 400,000	$ 400,000
USD Coin
Digital Assets - Safeguarded Assets and Safeguarded Liabilities
Number of Units	635,149	506,652
Valuation per Unit	$ 1	$ 1
Fair Value	$ 600,000	$ 500,000

FAIR VALUE MEASUREMENT - Fair v

FAIR VALUE MEASUREMENT - Fair value hierarchy for assets and liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets:
Total assets	$ 152.2	$ 108.9
Digital assets - safeguarded assets	93.3	51.3
Liabilities:
Contingent consideration liabilities	8.8	11.8
Digital assets - safeguarded liabilities	93.3	51.3
Cboe Digital restricted common units liability	18.4	18.7
Cboe Digital warrant liability	5.8	5.9
Total liabilities	1,463.1	1,430.1
Level 1
Assets:
Total assets	58.9	57.6
Liabilities:
Total liabilities	35.2	36.7
Level 2
Assets:
Total assets	93.3	51.3
Digital assets - safeguarded assets	93.3	51.3
Liabilities:
Digital assets - safeguarded liabilities	93.3	51.3
Total liabilities	1,394.9	1,357
Level 3
Liabilities:
Contingent consideration liabilities	8.8	11.8
Cboe Digital restricted common units liability	18.4	18.7
Cboe Digital warrant liability	5.8	5.9
Total liabilities	33	36.4
Recurring
Assets:
Total assets	152.1	108.8
Digital assets - safeguarded assets	93.3	51.3
Liabilities:
Contingent consideration liabilities	8.8	11.8
Digital assets - safeguarded liabilities	93.3	51.3
Cboe Digital restricted common units liability	18.4	18.7
Cboe Digital warrant liability	5.8	5.9
Total liabilities	126.3	87.7
Recurring | U.S. Treasury securities
Assets:
Total assets	23.6	20.8
Recurring | Marketable securities | Mutual funds
Assets:
Total assets	15.9	17.1
Recurring | Marketable securities | Money market funds
Assets:
Total assets	19.3	19.6
Recurring | Level 1
Assets:
Total assets	58.8	57.5
Recurring | Level 1 | U.S. Treasury securities
Assets:
Total assets	23.6	20.8
Recurring | Level 1 | Marketable securities | Mutual funds
Assets:
Total assets	15.9	17.1
Recurring | Level 1 | Marketable securities | Money market funds
Assets:
Total assets	19.3	19.6
Recurring | Level 2
Assets:
Total assets	93.3	51.3
Digital assets - safeguarded assets	93.3	51.3
Liabilities:
Digital assets - safeguarded liabilities	93.3	51.3
Total liabilities	93.3	51.3
Recurring | Level 3
Liabilities:
Contingent consideration liabilities	8.8	11.8
Cboe Digital restricted common units liability	18.4	18.7
Cboe Digital warrant liability	5.8	5.9
Total liabilities	$ 33	$ 36.4

FAIR VALUE MEASUREMENT - Fair_2

FAIR VALUE MEASUREMENT - Fair value hierarchy of financial instruments held (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets:
U.S. Treasury securities	$ 23.6	$ 20.8
Deferred compensation plan assets	35.2	36.7
Digital assets - safeguarded assets	93.3	51.3
Digital assets held	0.1	0.1
Total assets	152.2	108.9
Liabilities:
Contingent consideration liabilities	8.8	11.8
Deferred compensation plan liabilities	35.2	36.7
Digital assets - safeguarded liabilities	93.3	51.3
Cboe Digital restricted common units liability	18.4	18.7
Cboe Digital warrant liability	5.8	5.9
Debt	1,301.6	1,305.7
Total liabilities	1,463.1	1,430.1
Level 1
Assets:
U.S. Treasury securities	23.6	20.8
Deferred compensation plan assets	35.2	36.7
Digital assets held	0.1	0.1
Total assets	58.9	57.6
Liabilities:
Deferred compensation plan liabilities	35.2	36.7
Total liabilities	35.2	36.7
Level 2
Assets:
Digital assets - safeguarded assets	93.3	51.3
Total assets	93.3	51.3
Liabilities:
Digital assets - safeguarded liabilities	93.3	51.3
Debt	1,301.6	1,305.7
Total liabilities	1,394.9	1,357
Level 3
Liabilities:
Contingent consideration liabilities	8.8	11.8
Cboe Digital restricted common units liability	18.4	18.7
Cboe Digital warrant liability	5.8	5.9
Total liabilities	$ 33	$ 36.4

FAIR VALUE MEASUREMENT - Narrat

FAIR VALUE MEASUREMENT - Narrative (Details) $ in Millions		3 Months Ended
	Nov. 18, 2022	Mar. 31, 2024 USD ($) item shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information
Contingent consideration liabilities		$ 8.8		$ 11.8
Other income, net		$ 4.6	$ 0.1
Number of other digital asset exchanges used to assess Cboe Digital asset pricing reasonableness | item		3
Cboe Digital Restricted Common Units
Segment Reporting Information
Restricted common units recognized contra revenue period	5 years
Other income, net		$ 0.3
Cboe Digital Incentive Program Units
Segment Reporting Information
Term of incentive program		2 years
Other income, net		$ 0.3
Cboe Digital Incentive Program Units | Maximum
Segment Reporting Information
Common units authorized | shares		20
Warrant
Segment Reporting Information
Other income, net		$ 0.1
Cboe Asia Pacific and Cboe Canada
Segment Reporting Information
Contingent consideration liabilities		8.8
Cboe Asia Pacific
Segment Reporting Information
Payment of contingent consideration		3
Recurring
Segment Reporting Information
Contingent consideration liabilities		$ 8.8		$ 11.8

FAIR VALUE MEASUREMENT - Fair_3

FAIR VALUE MEASUREMENT - Fair values of debt obligations (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 16, 2022	Dec. 15, 2020	Jan. 12, 2017
Debt
Debt obligations	$ 1,301.6	$ 1,305.7
Level 2
Debt
Debt obligations	$ 1,301.6	$ 1,305.7
3.650% Senior Notes due January 2027
Debt
Interest rate (as a percent)	3.65%	3.65%			3.65%
3.650% Senior Notes due January 2027 | Level 2
Debt
Debt obligations	$ 630.5	$ 628.5
1.625% Senior Notes due December 2030
Debt
Interest rate (as a percent)	1.625%	1.625%		1.625%
1.625% Senior Notes due December 2030 | Level 2
Debt
Debt obligations	$ 409.5	$ 412.7
3.000% Senior Notes due March 2032
Debt
Interest rate (as a percent)	3%	3%	3%
3.000% Senior Notes due March 2032 | Level 2
Debt
Debt obligations	$ 261.6	$ 264.5

FAIR VALUE MEASUREMENT - Change

FAIR VALUE MEASUREMENT - Changes in fair value of Level 3 financial liabilities (Details) - Level 3 $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Changes in fair value of level 3 financial liabilities
Balance at Beginning of Period	$ 36.4
Realized (Gains) Losses during period	(0.4)
Settlements	(3)
Balance at End of Period	33
Contingent consideration liabilities
Changes in fair value of level 3 financial liabilities
Balance at Beginning of Period	11.8
Settlements	(3)
Balance at End of Period	8.8
Cboe Digital restricted common units liability
Changes in fair value of level 3 financial liabilities
Balance at Beginning of Period	18.7
Realized (Gains) Losses during period	(0.3)
Balance at End of Period	18.4
Cboe Digital warrant liability
Changes in fair value of level 3 financial liabilities
Balance at Beginning of Period	5.9
Realized (Gains) Losses during period	(0.1)
Balance at End of Period	$ 5.8

SEGMENT REPORTING - Summarized

SEGMENT REPORTING - Summarized financial information by reportable segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Reporting Information
Number of reportable segments | segment	6
Revenues	$ 957.2	$ 988.2
Operating income (loss)	282.4	247.9
Operating Segments | Options
Segment Reporting Information
Revenues	477.4	486.1
Operating income (loss)	216.8	201
Operating Segments | North American Equities
Segment Reporting Information
Revenues	349.6	379.8
Operating income (loss)	38	28.4
Operating Segments | Europe and Asia Pacific
Segment Reporting Information
Revenues	80.7	72.3
Operating income (loss)	10.2	11.3
Operating Segments | Futures
Segment Reporting Information
Revenues	31.4	32.1
Operating income (loss)	22.1	20.9
Operating Segments | Global FX
Segment Reporting Information
Revenues	18.8	18.8
Operating income (loss)	6.6	4.7
Operating Segments | Digital
Segment Reporting Information
Revenues	(0.7)	(0.9)
Operating income (loss)	(10.2)	(11.4)
Corporate Items and Eliminations
Segment Reporting Information
Operating income (loss)	$ (1.1)	$ (7)

SEGMENT REPORTING - Geographica

SEGMENT REPORTING - Geographical Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information
Revenues less cost of revenues	$ 502.1	$ 471.4
United States
Segment Reporting Information
Revenues less cost of revenues	436.5	415.9
Non-U.S.
Segment Reporting Information
Revenues less cost of revenues	$ 65.6	$ 55.5

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Outside of the U.S.
Defined Contribution Plan
Company contribution amount	$ 1.4	$ 1.2
SMART Plan
Defined Contribution Plan
Total assets in the trust	35.2		$ 36.7
Company contribution amount	$ 3.7	$ 3.6

REGULATORY CAPITAL (Details)

REGULATORY CAPITAL (Details)	Mar. 31, 2024 USD ($) Test
Cboe Trading
Regulatory Requirement
Capital	$ 12,300,000
Minimum Requirement	1,000,000
BIDS Trading
Regulatory Requirement
Capital	1,500,000
Minimum Requirement	$ 400,000
Cboe Fixed Income Markets
Regulatory Requirement
Minimum net capital required to be maintained, option 1 - percentage of aggregate indebtedness items	6.67%
Minimum net capital required to be maintained, option 2 - amount	$ 5,000
Capital	5,900,000
Minimum Requirement	100,000
Cboe Europe
Regulatory Requirement
Capital	61,700,000
Minimum Requirement	29,100,000
Cboe Chi-X Europe
Regulatory Requirement
Capital	100,000
Minimum Requirement	100,000
Capital resources requirement	100,000
Cboe NL
Regulatory Requirement
Capital	17,900,000
Minimum Requirement	7,300,000
Cboe Clear Europe
Regulatory Requirement
Capital	87,200,000
Minimum Requirement	48,000,000
CFE
Regulatory Requirement
Capital	59,900,000
Minimum Requirement	$ 38,700,000
Number of capital adequacy tests required to be met | Test	2
Cboe SEF
Regulatory Requirement
Capital	$ 2,400,000
Minimum Requirement	$ 2,100,000
Number of capital adequacy tests required to be met | Test	2
Cboe Digital Exchange
Regulatory Requirement
Capital	$ 44,500,000
Minimum Requirement	$ 5,600,000
Number of capital adequacy tests required to be met | Test	2
Cboe Clear Digital
Regulatory Requirement
Capital	$ 32,700,000
Minimum Requirement	$ 5,700,000
Number of capital adequacy tests required to be met | Test	2
Cboe Australia
Regulatory Requirement
Capital	$ 12,500,000
Minimum Requirement	4,900,000
Cboe Japan
Regulatory Requirement
Capital	8,500,000
Minimum Requirement	$ 4,300,000
Minimum required regulatory capital ratio (as a percent)	120%
Cboe Trading and BIDS Trading
Regulatory Requirement
Minimum net capital required to be maintained, option 1 - percentage of aggregate indebtedness items	6.67%
Minimum net capital required to be maintained, option 2 - amount	$ 100,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Stock-based Compensation
Payments for the purchase of shares to satisfy the employee income tax withholdings		$ 25.5	$ 12.7
Employees
Stock-based Compensation
Stock-based compensation expense		11.5	16.9
Non-employee Director
Stock-based Compensation
Stock-based compensation expense		$ 0.3	$ 0.5
RSUs
Stock-based Compensation
Number of shares of common stock of which unit is convertible (in shares)		1
Vesting period		3 years
Period of advance notice required		6 months
Qualified retirement eligibility age for grants awarded in and after 2017		55 years
Qualified retirement eligibility number of years of service for grants awarded in and after 2017		10 years
RSUs | Non-employee Director
Stock-based Compensation
Vesting period		1 year
PSUs
Stock-based Compensation
Number of shares of common stock of which unit is convertible (in shares)		1
Vesting period		3 years
Non vested RSAs		111,104		134,484
Shares purchased to satisfy the employee income tax withholdings (in shares)		46,867
Payments for the purchase of shares to satisfy the employee income tax withholdings		$ 8.6
Vested (in shares)		110,376
Risk-free interest rate	4.41%
Volatility time period	2 years 10 months 9 days
Expected volatility	21.56%
Correlation to S&P 500 Index time period	2 years 10 months 9 days
Correlation with S&P index	0.39
Unrecognized compensation expense		$ 85.1
Unrecognized compensation expense, period for recognition		2 years 3 months 18 days
PSUs | Minimum
Stock-based Compensation
Units ultimately expected to be awarded		0%
PSUs | Maximum
Stock-based Compensation
Units ultimately expected to be awarded		200%
Restricted Stock
Stock-based Compensation
Shares purchased to satisfy the employee income tax withholdings (in shares)		90,121
Payments for the purchase of shares to satisfy the employee income tax withholdings		$ 16.9
Shares vested, prompting share repurchases to cover employees' tax obligations		232,278
Restricted Stock and Restricted Stock Units
Stock-based Compensation
Non vested RSAs		613,192		638,181
Vested (in shares)		232,632

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted stock activity (Details) - USD ($)	1 Months Ended	3 Months Ended
	May 31, 2018	Mar. 31, 2024	Mar. 31, 2023
ESPP
Employee Stock Purchase Plan
Number of shares of common stock made available for purchase to employees	750,000
Maximum percentage of annual salary that an employee is permitted to utilize to purchase stock	10%
Maximum number of shares that a participant can purchase during any single offering period	312
Maximum fair market value of stock an employee can purchase under the plan per calendar year	$ 25,000
Exercise price per share of common stock as a percent of fair market value	85%
Compensation expense		$ 800,000	$ 300,000
Shares reserved for future issuance		520,414
RSAs and RSUs
Number of shares
Beginning balance (in shares)		638,181
Granted (in shares)		210,722
Vested (in shares)		(232,632)
Forfeited (in shares)		(3,079)
Ending balance of Outstanding and exercisable (in shares)		613,192
Weighted average grant date fair value
Beginning balance (in USD per share)		$ 125.25
Granted (in dollars per share)		183.12
Vested (in USD per share)		113.37
Forfeited (in USD per share)		128.70
Ending balance of Outstanding and exercisable (in USD per share)		$ 149.63
PSUs
Number of shares
Beginning balance (in shares)		134,484
Granted (in shares)		86,996
Vested (in shares)		(110,376)
Ending balance of Outstanding and exercisable (in shares)		111,104
Weighted average grant date fair value
Beginning balance (in USD per share)		$ 127.72
Granted (in dollars per share)		145.21
Vested (in USD per share)		100.50
Ending balance of Outstanding and exercisable (in USD per share)		$ 168.45

STOCK-BASED COMPENSATION - Cboe

STOCK-BASED COMPENSATION - Cboe Digital Restricted Common Units And Cboe Digital Warrants (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		12 Months Ended
	Nov. 18, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Stock-based Compensation
Other income, net		$ 4.6	$ 0.1
Cboe Digital Restricted Common Units
Stock-based Compensation
Interest rate (as a percent)	5%
Adjustment to contra-revenue balance			0.1
Contra-revenue recognized		0.6	$ 0.8
Contra-revenue is expected to be recognized		10.4		$ 11	$ 14
Vesting period	5 years
Risk-free interest rate, minimum				3.81%
Risk-free interest rate, Maximum				3.90%
Expected dividend rate				0%
Other income, net		$ 0.3
Number of shares
Beginning balance (in shares)		185
Granted (in shares)	185
Ending balance of Outstanding and exercisable (in shares)		185		185
Weighted average grant date fair value
Beginning balance (in USD per share)		$ 0.3
Ending balance of Outstanding and exercisable (in USD per share)		$ 0.3		$ 0.3
Weighted average remaining contractual term of Outstanding and exercisable (in years)		5 years		5 years
Cboe Digital Restricted Common Units | Minimum
Stock-based Compensation
Expected volatility				60%
Expected term (in years)				3 years 10 months 24 days
Cboe Digital Restricted Common Units | Maximum
Stock-based Compensation
Expected volatility				65%
Expected term (in years)				5 years 10 months 24 days
Cboe Digital Incentive Program Units
Stock-based Compensation
Other income, net		$ 0.3
Term of incentive program		2 years
Contra revenue recognized		$ 0.2
Contra revenue included with other assets		$ 2.3		$ 2.5
Cboe Digital Incentive Program Units | Maximum
Stock-based Compensation
Common units authorized		20
Cboe Digital Warrant Units
Stock-based Compensation
Contra-revenue recognized		$ 0.3
Contra-revenue is expected to be recognized		$ 4.3		$ 4.6
Number of units called by warrants	80
Warrants vested (in shares)		40
Class of warrant or right exercised		0
Vesting period	2 years
Risk-free interest rate				3.89%
Expected dividend rate				0%
Expected volatility				65%
Expected term (in years)				4 years
Other income, net		$ 0.1
Number of shares
Beginning balance (in shares)		40
Beginning balance of outstanding (in shares)		80
Ending balance of Outstanding and exercisable (in shares)		40		40
Ending balance of outstanding (in shares)		80		80
Weighted average grant date fair value
Beginning balance (in USD per share)		$ 0.2
Ending balance of Outstanding and exercisable (in USD per share)		0.2		$ 0.2
Beginning outstanding balance (in USD per share)		0.2
Ending outstanding balance (in USD per share)		$ 0.2		$ 0.2

EQUITY (Details)

EQUITY (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) Vote / shares $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 $ / shares shares
Common Stock
Common stock, shares authorized (in shares)	325,000,000		325,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Common stock, shares issued (in shares)	105,931,791		105,556,817
Common stock, shares outstanding (in shares)	105,341,315		105,527,815
Common stock, votes per share | Vote / shares	1
Common Stock in Treasury, at Cost
Common stock held in treasury (in shares)	590,476		29,002
Purchase of Common Stock from Employees
Stock repurchased from employee stock plans (in shares)	136,988	98,783
Average price paid per share (in dollars per share) | $ / shares	$ 186.36	$ 129.03
Preferred stock
Preferred stock, shares authorized (in shares)	20,000,000		20,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Preferred stock, shares issued (in shares)	0		0
Preferred stock, shares outstanding (in shares)	0		0
Dividends
Cash dividends declared (in dollars per share) | $ / shares	$ 0.55	$ 0.50
Aggregate payout | $	$ 58.5	$ 53.3

EQUITY - Share Repurchase Progr

EQUITY - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		159 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2011
Share Repurchase Program
Authorized amount	$ 1,800		$ 1,800	$ 100
Number of shares of common stock repurchased	489,686	567,073	20,099,774
Average price paid per share (in dollars per share)	$ 182.26	$ 123.42	$ 74.89
Total purchase price	$ 89.3	$ 70	$ 1,500
Availability remaining under existing share repurchase authorizations	$ 294.8	$ 147.9	$ 294.8

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
INCOME TAXES
Effective income tax rate	28.30%	30.10%
Amount paid to settle liabilities	$ 72.8

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic and Diluted earnings per share numerator:
Net income	$ 209.5	$ 173.4
Net income allocated to participating securities	(1.2)	(0.8)
Net income allocated to common stockholders	$ 208.3	$ 172.6
Basic earnings per share denominator:
Weighted average shares outstanding (in shares)	105.6	105.9
Basic earnings per share (in dollars per share)	$ 1.97	$ 1.63
Diluted earnings per share denominator:
Weighted average shares outstanding (in shares)	105.6	105.9
Dilutive common shares issued under stock program (in shares)	0.5	0.3
Total dilutive weighted average shares (in shares)	106.1	106.2
Diluted earnings per share (in dollars per share)	$ 1.96	$ 1.63

COMMITMENTS, CONTINGENCIES, A_2

COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Jan. 29, 2024
Trading registrations and licenses | Minimum
Commitments, Contingencies and Guarantees
Year 1	$ 17.1
Year 2	17.1
Year 3	17.1
Year 4	17.1
Year 5	17.1
Trading registrations and licenses | Maximum
Commitments, Contingencies and Guarantees
Year 1	18.1
Year 2	18.1
Year 3	18.1
Year 4	18.1
Year 5	18.1
Trading registrations and licenses | Cloud services provider | Minimum
Commitments, Contingencies and Guarantees
Year 1		$ 5.3
Year 2		5.3
Year 3		5.3
Year 4		5.3
Year 5		5.3
Trading registrations and licenses | Cloud services provider | Maximum
Commitments, Contingencies and Guarantees
Year 1		6.9
Year 2		6.9
Year 3		6.9
Year 4		6.9
Year 5		$ 6.9
Software Development Activities | Cboe Canada
Commitments, Contingencies and Guarantees
Contractual obligations	$ 1
Contractual obligation term	3 years

LEASES (Details)

LEASES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Leases
Options to renew	true
Total lease liabilities	$ 165.3	$ 171.6
Additional right of use assets	$ 0
Minimum
Leases
Renewal term	1 year
Maximum
Leases
Renewal term	5 years
Option to terminate period	1 year

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
LEASES.
Operating lease right of use assets	$ 130.6	$ 136.6
Current operating lease liabilities	$ 21	$ 20.8
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities, Current	Accounts Payable and Accrued Liabilities, Current
Non-current operating lease liabilities	$ 144.3	$ 150.8
Total leased liabilities	$ 165.3	$ 171.6

LEASES - Lease Costs and Other

LEASES - Lease Costs and Other Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
LEASES.
Operating lease costs	$ 9.1	$ 8.6
Weighted average remaining lease term (years)	8 years 4 months 24 days	10 years
Weighted average discount rate	3.40%	3.10%
Cash paid for amounts included in the measurement of lease liabilities	$ 6.8	$ 6.4
Right of use assets obtained in exchange for lease liabilities	$ 0
Right of use assets obtained in exchange for lease liabilities		$ 3.3

LEASES - Maturities (Details)

LEASES - Maturities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Maturities of Lease Liabilities
Remainder of 2024	$ 19.3
2025	26.1
2026	27.3
2027	23
2028	20.8
After 2028	75.5
Total lease payments	192
Less: Interest	(26.7)
Present value of lease liabilities	165.3	$ 171.6
Minimum lease payments related to option to extend term	$ 13.8

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended			159 Months Ended
	Apr. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024
Subsequent Events
Net revenue			$ 502.1	$ 471.4
Number of shares of common stock repurchased			489,686	567,073	20,099,774
Average price paid per share (in dollars per share)			$ 182.26	$ 123.42	$ 74.89
Total purchase price			$ 89.3	$ 70	$ 1,500
Availability remaining under existing share repurchase authorizations			294.8	$ 147.9	$ 294.8
Digital
Subsequent Events
Net revenue			$ (0.9)
Subsequent Event
Subsequent Events
Number of shares of common stock repurchased	152,383
Average price paid per share (in dollars per share)	$ 179.54
Total purchase price	$ 27.4
Availability remaining under existing share repurchase authorizations	$ 267.4
Subsequent Event | Digital | Minimum | Forecast
Subsequent Events
Non-cash impairment of long-lived intangible assets		$ 39
Subsequent Event | Digital | Maximum | Forecast
Subsequent Events
Non-cash impairment of long-lived intangible assets		$ 82

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	​ ​ ​ ​ ​ ​ ​ ​ Name and Title ​ Date of Adoption of Trading Plan ​ Scheduled Expiration Date of Trading Plan(1) ​ Aggregate Number of Securities to Be Purchased or Sold Christopher A. Isaacson Executive Vice President, Chief Operating Officer ​ 3/8/2024 (2) ​ 9/30/2024 ​ Sale of up to 12,000 shares David Howson Executive Vice President, Global President ​ 3/11/2024 (2) ​ 12/31/2024 ​ Sale of up to 10,000 shares (1) The trading plan may also expire on such earlier date as all transactions under the trading plan are completed. (2) Intended to satisfy the affirmative defense of Rule 10b5-1(c).
Christopher A. Isaacson
Trading Arrangements, by Individual
Name	Christopher A. Isaacson
Title	Executive Vice President, Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	3/8/2024
Aggregate Available	12,000
TrdArrExpirationDate	9/30/2024
David Howson
Trading Arrangements, by Individual
Name	David Howson
Title	Executive Vice President, Global President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	3/11/2024
Aggregate Available	10,000
TrdArrExpirationDate	12/31/2024